Following Ethereum’s Shanghai upgrade, which went live Wednesday evening, ether has gained just over 3%, approaching the $2,000 mark. Prices rose as deposits into the Ethereum network outpaced withdrawals, disappointing bears expecting a mass outflow of coins following the upgrade. The native token of Ethereum’s blockchain outperformed market leader bitcoin, having lagged in the lead up to the upgrade. “We’re seeing a ‘sell the rumor buy the fact’ redux,” Paradigm’s David Brickell said. Analysts were divided on potential price action in the days prior to the upgrade, with many predicting that fresh supply would increase sell pressure, with others anticipating a psychological battle of traders punishing the over-crowded short trade.
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