Ethereum Hit a New High In 2023 After The Shanghai Update pdate

With the Shanghai update, where 18M ETH were let to be unstaked and withdrawn by the validators, the price of Ethereum has reached a new 2023 high. Due to the Shanghai update, many people anticipated a significant sell-off in ETH and other LSD tokens, however this was not the case. Following the successful update, Ethereum started to surge, reaching a new high of $2120 just recently. BTC, the largest cryptocurrency by market cap, also reached $30,849 a new high in 2023.

I still have mixed feelings about this pump because I was expecting BTC to retrace after hitting $30k a few days ago, but because it hasn't done so and because Bitcoin dominance hasn't decreased, altcoins will likely keep struggling.

Since traders who attempted to short ETH and BTC using their previous resistance have been stopped out, now is not the best time to trade futures. Personally, I would prefer to remain neutral and watch how this market reacts. If there are any trade possibilities, I'd prefer to trade via spot.