The pending Shanghai upgrade to the Ethereum blockchain has sparked optimism among its supporters that the cryptocurrency could reach $10,000 in the future. The upgrade will allow Ethereum investors to withdraw their staked Ethereum, which had been locked up since December 2020, making staking on the blockchain less risky and opening it up to more individual investors.
However, in the short term, the upgrade could lead to a dump in Ethereum prices as nearly $2 billion worth of Ethereum could be released into the market, with even more to follow. Ethereum still has to go through several stages of development before it can fulfill its promises, which could take until 2025. The delays and uncertainty surrounding the blockchain’s development could have a negative impact on the price of Ethereum in the short term, but its long-term prospects remain promising.
