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Ethereum (ETH) has not kept up Bitcoin’s growth over the last week the way it normally would. While the largest cryptocurrency by market cap has now broken above $30,000, ETH is still trending below $2,000, a price point that should’ve already been broken given the current recovery trend in the crypto market. So Why is it that Ethereum is struggling to reach $2,000?
Market Waiting Out Ethereum Upgrade
The Ethereum Shapella Upgrades are scheduled for the following: April 12. And anticipation for the upgrade is already building. HoweverIt seems that instead of pushing up the price of this digital asset as expected investors are waiting for the outcome of the upgrade to make a decision.
Usually, Ethereum Hot on the heels of Bitcoin Mirrors most of what the pioneer cryptocurrency does. But ETH has not kept up this time, and even with Bitcoin’s break above $30,000, which should’ve seen ETH beat $2,000, the second-largest cryptocurrency by market cap is still trading below this important level.
This slow growth can be attributed to several factors. Shapella The withdrawals would be made from the Ethereum Staking contract With Over $34 billion is staked. Tensions are high about how much ETH will return to circulation after withdrawals are opened. Despite Staggered withdrawals mean that there will still be a large amount of ETH being withdrawn. This would go straight into market, increasing supply in a market already experiencing low demand.
Withdrawals To prevent an exodus or worse security, all staked ETH must be held until processing is completed. Ethereum. Partial The withdrawal process would take approximately 4-5 days. It’s expected to take about 100 days for 1/3 of full withdrawals, which will translate into $80M to $100M. $ETH being… https://t.co/4mV4JDXk3t
