Ethereum Hits Major Milestone Before Shanghai Upgrade

The launch of the Ethereum Shanghai Upgrade is scheduled for March 

2023, even if the price of ETH has been rising for the past two weeks.

The community is anticipating the Shanghai upgrade even if the price of Ethereum (ETH) has been moving upward since the beginning of 2023. The developers recently announced their readiness for the introduction of the upgrade in March. With the upgrade, Ethereum stakes will be available for withdrawal. Along with the number of active Ethereum validators, the amount of ETH staked also reached a significant milestone on Monday.

The price of the Lido DAO token (LIDO) has recently increased significantly in this environment. The excitement surrounding the Shanghai upgrade was advantageous for the Ethereum liquid staking system. LIDO just doubled to about $2.10 from the $1 price range it held through the end of 2022.

At 500,000, Ethereum Active Validators

Before the Shanghai upgrade, a significant accomplishment was made with the ETH stake. Ethereum has 500,000 validators, and 16 million ETH had been staked in total. Although the recent price recovery in the cryptocurrency market led to an increase in the price of ETH, the digital currency may experience more growth before the upgrade. According to the CoinGabbar price tracker, the price of ETH as of this writing is $1,552, up 0.16% in the previous 24 hours.

Technical indicators, however, point to $1,650 as the next level of price resistance for ETH. The currency reached a high of $1,573 during the recent rise that has been going on since the New Year. Although the previous barrier of $1,500 has been overcome, it is unclear when the next barrier will be surpassed by the cryptocurrency. There seems to be a good probability that ETH will break through the resistance level in the days before the Shanghai upgrade.