Bitcoin Outshines Ethereum Ahead Of Shanghai-Capella Upgrade Slated For April 12th

It seems that Bitcoin’s performance was able to surpass the one of Ethereum ahead of the Shanghai-Capella upgrade that is slated for April 12. Check out the latest reports about this below.

It’s been just revealed that with the Shanghai-Capella upgrade slated for April 12, industry participants and investors are now bracing for the initial impact from validators seeking to withdraw and sell their locked-up ether (ETH).

“ETH fell 4.7% Wednesday as part of a broader market sell-off following US Federal Reserve Chair Jerome Powell’s press briefing of the Fed’s latest interest rate hike and news of SEC enforcement actions against Justin Sun and Tron-affiliated groups and individuals,” the online publication Blockworks notes.

It’s also been revealed by the same online publication the fact that ETH holders depositing their ETH to new validators or liquid staking pools is at all-time highs.

“Ethereum’s Shanghai upgrade has generated divided opinions on its bullish or bearish impact, and ETH lacks a strong presence in the financial collapse hedging narrative,” Xavier Ekkel, founder of DeFi trading platform prePO said.

The upgrade will induce short-term ETH volatility but “ultimately prove long-term bullish,” he said. “Once staking and unstaking activity becomes more predictable, which might happen sooner than we think, worries about the upgrade will likely dissipate.”

According to the latest reports, it seems that the crypto strategist Benjamin Cowen is expressing bearish sentiment on Ethereum (ETH) amid failed efforts by the second-largest digital asset to climb back above a key resistance level.

In a new video, Cowen said that due to the high levels of “anxiety” for Ethereum that has built up around the $1,800 price, ETH is likely to fall.

According to Cowen, the level of “apathy” in the market is not as high relative to the bear season of 2019/2020.