Ethereum completed its Shanghai upgrade, a smooth transition that enabled EIP-4895, for ETH token unlock. The first 17,000 ETH tokens lined up for withdrawal, without negative impact on Ethereum price.
Ethereum’s most significant upgrade since the Merge increased anticipation in the crypto community. Holders expected a decline in Ethereum price, a knee-jerk reaction from ETH holders and a rise in selling-pressure on the asset.
The successful completion of the Ethereum upgrade propelled ETH price higher. The altcoin’s price stayed above key resistance at the $1,900 level. The first 17,000 ETH tokens were unlocked from the ETH2 deposit chain.
Despite the token unlock, there was no immediate selling pressure on the altcoin or a negative reaction from the ETH holder community.
Ethereum price continued its uptrend post Wednesday’s CPI release and the Shapella upgrade, fueling confidence among ETH holders. Post the successful completion of Ethereum’s Shapella upgrade, experts are debating whether the altcoin is a security.