Unlocking Ethereum - Shanghai Hard Fork is Set for March 2023 | CryptoQuant PnL Index Signal Crypto Bull Market!

Crypto Bulletin – 26th of January | Unlocking Ethereum - Shanghai Hard Fork is Set for March 2023 | CryptoQuant PnL Index Signal Crypto Bull Market!


Ethereum is one of the most discussed altcoins in the space right now, after all, it has achieved much more in the past couple of months it has shifted from Proof of Work to the Proof of Stake mechanism smoothly, and with the huge support from the community. And the question of the month, is the crypto market bottomed out? Many answers to that question, but nothing promising enough until today!

1. Ethereum Shanghai Hard Fork is Set for March 2023

On 15th September 2022, Ethereum shifted from Proof of Work to Proof of Stake but in order to carry out that huge network upgrade, the preparation started long before The Day! Staking for Ethereum 2.0 started in December 2020, and since then many people have staked their Ethereum and earned yield over it, but could not realize that yield as the withdrawals are not possible until the Shanghai hard fork.

Ethereum Shanghai Hard Fork Set for March 2023

Good news for the Ethereum stakers, the Ethereum developers have set the date for Shanghai hard fork, it is supposed to be in March. The Ethereum developer community has faced a lot of criticism in past for keeping staked Ethereum un-withdrawable for a long period of time and looking at the sentiment and the need for unlocking developers have put that in priority. But as a result of that, a few important features are integrated like proto-dank sharding and others which will help the Ethereum network to increase the performance of rollups.

Currently, 13% of the total supply of Ethereum is locked in and by the Shanghai hard fork stakers can withdraw their Ethereum. It is possible that many of the stakers would try to realize their yield, profits, or their entire position, which might create huge selling pressure in the market. So, beware of the fact that this could affect the entire crypto market, and take your decisions accordingly.

2. CryptoQuant PnL Index Signal Crypto Bull Market

CryptoQuant is one of the best on-chain analysis platforms as well as a social platform for crypto analysts to share their analysis and collaborate with others as well. It is the house of best-in-class indicators and analysis tools. In the recent Quicktake, it is shown that the PnL Index is confirming the bull market for Bitcoin.

The PnL index has been accurate historically and this time it is suggesting the bulls are on their way. As you can see in the chart below, the Index line (dark purple) crosses the 365-D Moving Average (light purple line), which has been the indication of the bull run historically. Although, it is possible that Index can get rejected from the current level, it will be interesting to keep an eye on the chart.

CryptoQuant PnL Index Signal Bull Run

You can check the live chart here.

I am sure you know none of the indicators are perfect, and it is not possible to predict the market correctly always, so CryptoQuant PnL Index is no exception to that. It is possible to the market will take momentum in either direction, so be careful with your investments. 


Hope you found this article informative and get updated about what’s going on in the crypto space, if yes then do follow me at publish0x @CryptoManthan  for more content.

Thanks for reading!

 

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CryptoManthan
CryptoManthan

We write about trading indicators, strategies, crypto projects, and blockchain technology.


Crypto Bulletin by Cryptomanthan
Crypto Bulletin by Cryptomanthan

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