Heena Kousar
New member
As it is been a while that the second largest cryptocurrency by market cap, Ethereum has been stuck in a pump-and-dump trade. Despite the currency had managed to regain $1,300, the bulls could not hold on the range for longer, this led to a crash. As mentioned in the Coinpedia's Article, market participants had been eagerly awaiting the merger upgrade, and had expected impressive outcomes for the ETH's price. But, the event was successful, as a result ETH's price remained unaffected.
The Shanghai Upgrade
Coinpedia has explained in detail about "The Shanghai Upgrade", where the news outlet talked about the Ethereum development team that has made a fast move toward the Shanghai upgrade which is the next phase of the merge. To make user everything mover at a rapid pase, a testnet called Shandong has been developed on the network. This testnet will watch an addition of several Ethereum Improvement Proposals before locking any final decision towards the Shanghai upgrade.
Shanghai is one of the first of a five-phase upgradation of the network which will see an introduction of sharding into the Ethereum network. The Sharding will improve the network's scalability in terms of data storage and other related mechanisms. Coinpedia also talked about the remaining four phases that will be seen after Shanghai is Verge, Purge, and Splurge which will occur in the next few years.
At the same time, the data from DefiLlama claims that Ethereum comprises a 57% share of the TVL (Total Value Locked) which is across $30B is expected to increase. On the other hand, the seven-day indicator displays that the active addresses have surpassed 2 million claims Coinpedia.
Therefore, Ethereum is surrounded by positivity and bullish events. However, if ETH claims an upward movement, then the immediate resistance lies at $1,300. But, if the bulls fail to accelerate upwards, then the currency might downfall below its support area of $1,250.
The Shanghai Upgrade
Coinpedia has explained in detail about "The Shanghai Upgrade", where the news outlet talked about the Ethereum development team that has made a fast move toward the Shanghai upgrade which is the next phase of the merge. To make user everything mover at a rapid pase, a testnet called Shandong has been developed on the network. This testnet will watch an addition of several Ethereum Improvement Proposals before locking any final decision towards the Shanghai upgrade.
Shanghai is one of the first of a five-phase upgradation of the network which will see an introduction of sharding into the Ethereum network. The Sharding will improve the network's scalability in terms of data storage and other related mechanisms. Coinpedia also talked about the remaining four phases that will be seen after Shanghai is Verge, Purge, and Splurge which will occur in the next few years.
At the same time, the data from DefiLlama claims that Ethereum comprises a 57% share of the TVL (Total Value Locked) which is across $30B is expected to increase. On the other hand, the seven-day indicator displays that the active addresses have surpassed 2 million claims Coinpedia.
Therefore, Ethereum is surrounded by positivity and bullish events. However, if ETH claims an upward movement, then the immediate resistance lies at $1,300. But, if the bulls fail to accelerate upwards, then the currency might downfall below its support area of $1,250.
