The cryptocurrency market expected the ETH price to fall after the launch of Shapella. However, the second largest cryptocurrency began to grow shortly before the opening of the US stock markets. The value of the coin increased by 11% and reached a value of $ 2.1 thousand, returning to the price level of August 2022.
Traders were waiting for the Ethereum update in order to accumulate long positions. According to experts, neutral news about inflation in the US pushed the price of ETH up. If the current macroeconomic conditions do not worsen, then ETH is unlikely to deviate from the current rate of price growth.
Shapella is an update of Ethereum Shanghai. It is the last stage of the Ethereum network’s transition from Proof-of-work to a more energy-efficient Proof-of-stake. The crypto community was divided on the impact of the launched update: some predicted a significant price fluctuation, while others expected minor changes.
The value of BTC has increased by 2.5% this week. Other cryptocurrencies have also added in value, in particular, Arbitrum has risen in price by 33%, APT has increased in price by 12%. The efficiency indicator of the cryptocurrency markets increased by almost 5%. Also this week, shares of companies related to cryptocurrencies have risen in price: Marathon Digital and Hut 8 Mining have added 15% in price.