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Cryptonian

03/02 10:58

Ethereum eyes 25% correction in March

The Ethereum market has grown cautious around the long-awaited Shanghai upgrade, which will unlock 17.4 million ETH into circulation.
The price of Ethereum’s native token, Ether 
ETH tickers down
$1,639, shows a growing conflict among traders about the market direction for March. This uncertainty has resulted in ETH price consolidating inside a narrow sideways range between $1,600 and $1,700 since Feb. 15.
The uncertainty stems from Ethereum’s long-awaited Shanghai upgrade going live sometime in March.

Several analysts predict the upgrade, which will enable stakers to withdraw their vested tokens from Ethereum’s proof-of-stake (PoS) smart contract, will trigger a short-term sell-off event. 

The Ethereum PoS smart contract has attracted more than 17.4 million ETH (~$28.35 billion at the current exchange rate) since its introduction in December 2020, per Etherscan.Ethereum_800x533_L_1637103966.jpg

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