– Ethereum Shanghai Hard Fork’s activation in March 2023 will be closely followed by a token unlock of at least 35,008 ETH.
– To facilitate Ethereum unlock, the nodes storing data and processing transactions need to ensure that their withdrawal credentials are updated.
– Ethereum price is on track to hit the $1,500 level in another leg up, according to the Elliott Wave Theory.
Ethereum Shanghai Hard Fork is the next key milestone for the second-largest cryptocurrency by market capitalization.The event is closely followed by a token unlock, where at least 35,008 ETH will be unlocked shortly after the hard fork is successful.
This post outlines how validators can prepare for token unlock, the minimum volume of ETH tokens that are likely to flood the market and what to expect from Ethereum price.
Also read:
Ethereum Shanghai Upgrade: Guide to the ETH hard fork, unstaking and liquid staking projects
Ethereum Shanghai hard fork would pave the way for unstaking ETH tokens
Ethereum network’s Shanghai upgrade is the next major developmental milestone post the altcoin’s Merge.The Merge marked ETH’s successful transition from proof-of-work to proof-of-stake consensus mechanism and reduced energy usage by 99.9%.The Shanghai hard fork will be closely followed by ETH token unlock.
Ethereum tokens staked in the deposit contract will be unlocked for the first time since 2020.While several Ethereum Improvement Proposals are bundled in the Shanghai hard fork, the ETH token unlock is the event that developers and the community is most looking forward to.
Developers are targeting March 2023 for the activation of Shanghai and staked
ETH withdrawals.All validators wanting to withdraw their staking rewards will have to ensure their withdrawal credentials are updated to the new “0x01” format.As defined by Ethereum.org, a validator is a node in a proof-of-stake system responsible for storing data, processing transactions, and adding new blocks to the blockchain.
Users in the Ethereum community who staked 32 ETH in the ETH2 deposit contract, activated their validators on the altcoin’s blockchain network.Updating validator withdrawal credentials is a requirement for nodes who want to exit, stop validating, and withdraw the full balance of their staked ETH.
Based on the number of active validators on the network as of January 10 (497,138 active), a maximum number of 16 withdrawals will be processed per block.
There is no gas cost associated with withdrawals.Each validator that intends to unlock staked ETH will go through two separate queues: an exit queue and a withdrawals queue.Both full (32 ETH) and partial withdrawals will be processed simultaneously.
The existence of 1,094 exited validators on Ethereum suggests that there will likely be at minimum 1,094 full withdrawals processed and >35,008 ETH un-staking from the Beacon Chain (responsible for consensus logic and
https://www.fxstreet.com/cryptocurrencies/news/samuel-bankman-fried-asked-tether-for-billions-the-stablecoin-turned-ftx-down-202301101145 protocol) shortly after the activation of Shanghai.
Find more information on withdrawing staked ETH, updating withdrawal credentials here:
Ethereum developers are targeting March 2023 for the activation of Shanghai and staked ETH withdrawals.In my latest report, I give a detailed overview of how staked ETH withdrawals will be enabled on Ethereum.
Here’s the tldr— Christine Kim (@christine_dkim)
(Thread inspired today by
[@kellyjgreer]) [January 9, 2023]
With ETH token unlock fast approaching, the altcoin’s price could face mounting selling pressure unless the event has been priced in.Technical expert Crypto_Ed_NL weighed in on the ETH price impact.
Ethereum price has another leg up before a correction
Pseudonymous crypto analyst and trader Crypto_Ed_NL applied
Elliott Wave Theory to Ethereum in the chart below.The expert believes Ethereum has bullish potential and the altcoin could climb another leg up before a correction in its price.
ETH/USDT price chart
According to Elliott’s wave theory, the market price of the asset alternates between an impulsive, or motive phase, and a corrective phase on all time scales of trend.Impulses are divided into 5 lower-degree waves, where waves 1, 3, and 5 are impulses and waves 2 and 4 are smaller retraces of waves 1 and 3.
As seen in the chart above, ETH price has completed its second wave and is prepared for the next impulse, wave 3.
The expert argues that a break above A at $1,360 would validate the bullish thesis and the model, signaling a run up to the $1,500 level, represented by C on the chart.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.
Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.
The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.
Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
[Cryptos feed](/cryptocurrencies/news/feed) Join Telegram
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Assessing chances of crypto market reversal
Bitcoin price continues to play an important role in curbing unnecessary optimism in the market.The bearish outlook that has developed over the last few days could result in a steep correction.If successful, it will end the free reign some altcoins have been enjoying.
More Ethereum news
Ethereum Classic price to collect liquidity one way or another, here’s what traders should watch for
Ethereum Classic price has cultivated a new narrative as the bulls produced a massive 25% influx on January 4.The upswing was the largest daily gainer for ETC since July 16’s 31% rise.
More Ethereum Classic news
Hedera Hashgraph price: This is why HBAR’s 21% rally could be coming to an end
Hedera Hashgraph price has been the recipient of the recovery bullishness noted across the crypto market, which brought the total value of all cryptocurrencies above $800 billion.The altcoin is inching closer to tagging the December 2022 highs.
More Hedera news
Binance clarifies $1 billion stablecoin backing gap was a “timing mismatch”
Binance admitted that due to periodically rebalancing, Binance-Peg BUSD did not always seem to be backed by Paxos-issued BUSD.Binance further clarified that the data imbalance did not impact the redemption made by users.
More Binance Coin news
Bitcoin: Why $20,000 BTC is programmed
Bitcoin (BTC) price is traversing a channel that is sloping to the upside.Despite the consolidation, BTC is slowly climbing higher like clockwork.
The recent Federal Open Market Committee (FOMC) Meeting on December 15 caused BTC to spike beyond the confines of the channel, but things are back to normal.
Read full analysis.
