Is Ethereum [ETH] setting up a big show ahead of Shanghai upgrade?

ambcrypto.com:

Ethereum’s [ETH] much-awaited Shanghai upgrade is around the corner, and investors are excited.

T he upgrade will finally allow investors to withdraw their staked Ethereum. Amidst the excitement, a Twitter handle by the name Technical Crypto Analyst revealed an update that was in investors’ favor.

Reportedly, 60% of all staked ETH was locked on-chain around the current ETH price or even higher.

— Technical Crypto Analyst (@TechCryptoAnlst) February 18, 2023

The crypto community’s response to it was bullish. Some expected that the 60% of Ethereum staked would reduce the possibility of a sell-off after the Shanghai upgrade. Thus, giving rise to the opportunity for a price uptick.

Read Ethereum’s [ETH] Price Prediction 2023-24

Lookonchain’s data was also encouraging, indicating increased ETH accumulation. Notably, whale “0xB79c” accumulated 28,672 ETH, worth $48.5 million, from Binance and Coinbase over the past two months. This development suggested that the whales were expecting ETH’s price to pump further. 

The whale has accumulated 28,672 $ETH ($48.5M) from #Binance and #Coinbase over the past 2 months.

The average receiving price is $1,430.

And he/she received 1,304 $ETH($2.2M) from #Binance 12 hrs ago.https://t.co/IXExQZwAGN pic.twitter.com/00Ga9bQKTv

— Lookonchain (@lookonchain) February 18, 2023

It’s interesting to note that whale and shark addresses with 100,000 ETH still hold close to 47% of the total ETH supply.

Increased accumulation was yet again proven through Santiment’s chart, as the total supply