Burniske's Take on Ethereum's Game-Changing Shapella Update: Staking to Reach New Highs

Chris Burniske, Partner at venture capital firm Placeholder, predicts bullish flows and increased staking percentages for Ethereum ($ETH) following the upcoming “Shapella” network upgrade.

Timeline of Ethereum

Grayscale Investments, the crypto investment firm, announced on 16 March that it will extend the review period for evaluating the market environment to determine whether it can acquire Ethereum PoW (ETHW) tokens.

ETH bulls have finally summed up enough momentum to push out of its 6-month low range. Meanwhile, the Ethereum network just confirmed the official launch date for the Shanghai uptate which will happen in three weeks.

Ethereum price analysis reveals the price has been trading high for most of the days this week as the bulls have been putting efforts to remain at the lead. An uptrend has been observed today as well, as the price has increased to the $1,794 level as the bulls have maintained their strength.

The most significant decentralized finance (DeFi) hack of 2023 so far was the most recent incident that stole $197 million from Euler Finance. This may not last for very long, though, as the hacker allegedly had a change of heart.

Ethereum co-founder Vitalik Buterin advised crypto investors to use social recovery and self-custody wallets. Buterin's suggestion comes amid heightened expectations for the new Arbitrum token airdrop scheduled on March 23 and the upcoming Shanghai upgrade.

The year 20200 has observed many unfortunate events that have laid bad impact on the financial sector, especially the crypto industry. Along with Bitcoin, even Ethereum price has been fighting all the odds to get back its long lost massive bull run.

In this new roundup we will look at a strategy called ‘bias' that analyzes the recurring behaviors of a specific market. The strategy identifies time slots, or days of the week for example, when it is more convenient to buy or sell a specific underlying asset.

The Ethereum price witnessed a sideways trend for the past two months and showcased the formation of a megaphone pattern in the daily time frame chart. During this consolidation, the coin price strictly bounced off two divergence trendlines reacting to a volatile phase of the market.

Ethereum price has become the talk of the town as the crypto has managed to secure the highest levels since August 2022 and also indicating its preparedness to reach beyond $2000 in the coming days.

A well-known crypto analyst who successfully predicted Bitcoin's 2018 bottom is anticipating a significant rally for Ethereum ($ETH). As The Daily Hodl reported earlier today, the crypto analyst, operating under the pseudonym “Bluntz”, has informed his over 221K Twitter followers that Ethereum seems to be completing its correction and is poised for a significant surge.