Ethereum price turns bullish ahead of next week’s Shanghai and Capella upgrades
2 min read
With one week to go until the Ethereum Shanghai and Capella upgrades on April 12, all eyes are on Ether(
The uptick in proof-of-stake validation by placing Ether in staking contracts is bullish for the Ethereum ecosystem. Since launching on Aug. 4, 2021, the Ethereum network has witnessed over 18 million ETH staked on the blockchain.
The emergence of liquid staking derivatives has reduced the barrier to entry to participate in Ether staking. Lido, the leader in LSDs and the largest single entity by value, has close to one-third of all staked EtTH. Including interest received, Lido contracts hold 5.9 million ETH from 137,000 unique depositors.
Ethereum network TVL surges
The total value locked in the Ethereum network is also rising, partially as a result of Lido’s protocol comprising 22.4% of the TVL on the Ethereum network. Despite the TVL starting to drop on March 10 due to regulatory and macro headwinds, the decentralized finance market seems to be recovering.
Related: 3 key Ethereum price metrics cast doubt on the strength of ETH’s recent rally
On April 5, TVL reached $50.8 billion, nearly reaching the yearly high of $51.4 billion from Feb. 21.
The strength of Ether price ahead of the Shanghai and Capella upgrades is visible on-chain through increased usage, whale accumulation and a steady uptick in staking. With only seven days remaining until the upgrade, traders expect continued volatility in Ether price.
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