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Can Shanghai upgrade anticipation keep ETH selling pressure at bay?

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After the Ethereum merge, the prices of ETH declined massively and addresses were left holding their ETH at a loss.Another upcoming significant event, the Shanghai Upgrade, which will be occurring this month, has made Ethereum holders worried about a possible sell-off of a similar fashion.Read Ethereum’s Price Prediction 2023-2024One of the reasons for the same would be that the Shanghai upgrade would enable holders to withdraw their staked ETH.

These holders could end up selling their ETH and drive the price of the altcoin down.However, according to Crypto Quant’s recent data, there may not be as much selling pressure on these Ethereum stakers as previously believed.

Based on the data, it was seen that 60% of the ETH staked was at a loss, representing 10.3 million ETH.These holders would not have as much of an incentive to sell their holdings.Even though 60% of the overall staked ETH addresses are expected to HODL, the same cannot be said for the rest of the 40% of holders on the network.

The sell-off from the remaining profitable addresses could impact ETH’s prices negatively.However, this did not stop traders from being hopeful about Ethereum.

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