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Ethereum (ETH) Jumps 6% as Shanghai Mainnet Upgrade Date Is Announced

Fri, 03/17/2023 - 13:48
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Tomiwabold Olajide
Ethereum reached intraday highs of $1,768, highest since September 2022
Ethereum (ETH) Jumps 6% as Shanghai Mainnet Upgrade Date Is Announced
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Ethereum's price advanced on Friday, building upon its recovery from Wednesday's lows of $1,613. On March 17, Ethereum reached intraday highs of $1,768 — the highest since September 2022 during the run-up to the Ethereum Merge.

At the time of writing, ETH was up nearly 6% in the last 24 hours at $1,750.

The much-anticipated Ethereum Shanghai hard fork's mainnet date has been scheduled for April 12. Ethereum core developers agreed upon the timeline during the All Core Developers Execution Layer #157 call on March 16.

Ethereum core developer Tim Beiko tweeted the target date as April 12 at 10:27:35 p.m. UTC, slot 620,9536.

This will become official once the developers vote on the date and GitHub confirms it.

Staked ETH withdrawals will be possible because of the Ethereum Shanghai and Capella upgrades, also known as "Shapella," which complete Ethereum's entire shift to a proof-of-stake (PoS) network.

Initially scheduled for March, the upgrade was later postponed by developers until April.

Binance announces support for ETH 2.0 staking withdrawals

Top crypto exchange Binance says it will support ETH redemptions on the ETH 2.0 staking page within a week of the function becoming available on the Ethereum network.

Also, after the feature is released, users who took part in ETH 2.0 staking will be able to convert BETH to ETH in a 1:1 ratio on the ETH 2.0 staking page.

The forthcoming Shapella upgrade, which is anticipated to be live on the mainnet on April 12, will begin supporting staking withdrawals for ETH.

Ethereum: Final Testnet Upgrade Brings Shanghai Closer Than Ever

It urges its users to keep in mind that they may be subject to a daily ETH redemption quota because of the processing constraints on the Ethereum network. It states that waiting in queues for ETH redemption might be expected.

After the Shapella upgrade is finished, Binance promises to put out another announcement with more information about ETH staking withdrawals.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.