Ethereum (ETH) has risen about 5% against Bitcoin (BTC) over the past week as the community awaits the highly anticipated Chapela upgrade.
Over the past 24 hours, ETH has gained 2.11% against BTC. up to 0.067965 On Binance before going back to 0.067965 at the time of writing.
ETH’s dominance rose to 19.84% for the first time since March 12, thanks to improved performance. of crypto slate data.
ETH’s US Dollar Value Hits Eight-Month High
The value of ETH in US dollars has crossed $1900 for the first time since May 2022.
However, the asset is said to have rebounded to $1894 at the time of writing. of crypto slate data.
Price action remains strong in 2023. ETH surged 7.1% over the past 7 days and gained 22% over the past month. Year-to-date, ETH is up about 60%.
Market Sentiment Surrounding Chapella Upgrades
While market sentiment surrounding ETH has largely turned positive with the confirmation of Chapella’s upgrade on April 12, some analysts believe the move will increase selling pressure on the cryptocurrency. I’m here.
The Chapela upgrade will allow Ethereum stakers to withdraw their staked tokens from the blockchain network.
Blockchain analytics company Nansen report ETH selling pressure from unstaking could range from $1.9 billion to $4.6 billion. According to the company, this could hurt assets as the spot market is relatively illiquid.
However, Nansen added that the positive effect of Shanghai’s upgrade on ETH is likely to offset the initial selling pressure.
Meanwhile, another blockchain analytics firm, Santiment It pointed out ETH supply on the exchange is currently at its lowest at 10.31%. The company noted that investors prefer self-custody services for assets.
Market analysts at Twitter interpret this to mean that holders strongly believe in ETH’s potential as a store of value. Since ETH completed its merger event in 2022, assets have turned deflationary and the amount held by long-term investors has increased.
Ethereum rose against Bitcoin as the Chapela upgrade neared, first appearing on CryptoSlate.