The Ethereum Shanghai Upgrade is now scheduled for March 2023, according to Coindesk:
Ethereum developers determined on Thursday that the network’s next hard fork, called “Shanghai,” will have a target release time frame of March 2023. This upgrade will include code known as EIP 4895 that will allow Beacon Chain staked ether (ETH) withdrawals.
Consequently, Ethereum (ETH) stakers will be able to unstake a total of 13 million ETH after this upgrade. Some people may think that the sudden release of 13 million ETH could dump ETH price. However, according to a report from Nansen written last September, it should not be the case:
More than 70% of staked ETH was purchased for more than it is currently worth, Nansen found. Absent a surge in the cryptocurrency’s price, most stakers will have little incentive to sell when Shanghai makes it possible to withdraw their stake.
When Nansen wrote this report, ETH price was USD 1700. As ETH price is now lower, the incentive to sell for stakers is even lower than in September. Concretely, this updated timeline is good news, since some FUD occured a few weeks ago when the previous timeline was removed from the website of Ethereum foundation. This new upgrade might have the same impact as the Merge. As it is not fully confirmed yet (there are still a few technical issues to fix), it can be considered as a rumor, and when it happens as a news. So the "Buy the rumor, sell the news" might work again. A strategy could be to accumulate ETH till it happens, and once it has pumped and the upgrade has occured, to swap it for Bitcoin (BTC) and then head towards 2024 halving...
Another strategy could consist in investing into some competitors of Ethereum such as Avalanche (AVAX) or Cosmos (ATOM) in case the upgrade fails...
Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.
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