Here’s Why Ethereum’s Staking ‘Unlock Event’ is Bullish


Ethereum’s (ETH) upcoming Shanghai upgrade will allow stakers to unlock their locked ETH. Although some believe that unlocking staked ETH will lead to a massive sell-off, others share a different point of view.

Chris Burniske took to Twitter and shared why he believed Ethereum’s Shanghai update is bullish for the ETH ecosystem in the mid to long term. The upgrade will give investors more control over their funds. The increased control over investments will likely result in improved price performance.

Burniske’s viewpoint is probably based on the idea that investor confidence is a significant factor in market success. Investors are more likely to have faith in the ecosystem when they have more control over their money.

Ethereum’s “Merge” led to $4 billion worth of ETH not being added to the supply

Ethereum’s last major update was its move to a Proof-of-Stake method of consensus, from a Proof-of-Work method. Now, it has been almost 200 days since the “merge,” and the move has changed the issuance of ETH in its supply. After The Merge, there has been a 75,000 annual decline in the total quantity of ether. The value of the decline is about $134.5 million. If the Merge had never taken place, there would have been an additional 2.2 million ether available, which would have been valued at more than $4 billion at the current price point.

Ethereum (ETH) is currently facing resistance at $1820, with support at $1777. If ETH breaks current resistance levels, it may face fresh resistance around $1840.

Source: ETH/USDT Chart by Trading View

ETH is currently down 0.4% in the last 24 hours, and up by 2% in the weekly charts. Nonetheless, the second-largest cryptocurrency by market cap is still down a whopping 62.85% from its all-time high of $4,878, attained in November 2021. At press time, ETH was trading at $1,813.46, with no changes in the last hour.