Ethereum Shapella upgrade is successful, debate ensues on whether ETH is a security


  • Ethereum network’s first 5,757 withdrawals have been successfully processed post the completion of the Shanghai upgrade. 
  • More than 17,000 ETH tokens worth $32.7 million were withdrawn by validators. 
  • Experts note that buyers were waiting on the sidelines on exchanges like Coinbase to push the price up in response to a smooth hard fork. 

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. 

Also read: Ethereum (ETH) Shanghai upgrade could have this impact on Ether

Ethereum completes Shapella upgrade, unlocks first 17,000 ETH 

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. 

Buyers lined up to push ETH higher

Lucas Nazzi, crypto analyst and expert argues that buyers had lined up on exchanges like Coinbase. These traders were waiting on the sidelines to see whether the Ethereum upgrade was successful and pushed the asset higher in response to the implementation. 


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