The $ETHBTC ratio has breached key support, opening doors for a continued decline following the Shapella upgrade. Reports godbole17.
Singapore-based crypto options trading giant QCP Capital expects a deeper decline in the ether-bitcoin ratio following the impending Shapella hard fork, dubbed Shanghai upgrade.
"ETH/BTC has broken through the key support level of 0.658 and can potentially head back to 0.0553, as continued and sustained spot selling pressure in thin markets for days after Shapella leads to further bearish price action on ETH," QCP Capital's market insights team told CoinDesk. The ETH/BTC ratio has declined 13.7% this year amid lingering fears that investors will rush to liquidate coins after Shapella opens withdrawals of staked ether., the selling pressure will be distributed over several days, allowing buyers to absorb selling pressure and keep prices steady. QCP, suggests otherwise.
"We fail to see what the bullish case can be for this event as those at the front of the queue [in withdrawals] are likely to sell spot, while those further back will be hedging via perps/futures if they have not already done so," QCP noted. Users cannot withdraw the entire stack of over 18 million staked ether immediately after the upgrade. However, just over 1 million ETH earned in staking rewards can be pulled out immediately. Troubled entities like crypto lender Celsius might sell its staked ether balance of 158,176 ETH to recover at least a portion of creditors' funds,
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Holds Firm Above $30K, Ether Hovers Near $1.9K Ahead of CPI, Shapella UpgradeBitcoin held firm above $30,000 on Tuesday as investors awaited Wednesday’s U.S. Consumer Price Index for March and Ethereum’s Shapella upgrade. Ether recently traded around $1,895. _jocelynyang_ reports
Read more »
Bitcoin Slips Under $30K, Ether Staking Tokens Take a Beating Ahead of Shapella UpgradeCrypto traders likely took profits ahead of two key developers scheduled for Wednesday: The U.S. Consumer Price Index (CPI) for March, and the much-awaited Shapella upgrade for ethereum. By shauryamalwa.
Read more »
Bybit Adds Staked Ether (stETH) to Unified Trading Account as Shapella Upgrade ApproachesWith new functions, traders can make most of their Ether (ETH) funds with no need to withdraw them from staking modules
Read more »
JPMorgan, Fidelity differ on what Shapella means for ether priceEthereum is set for another major upgrade, but two of America's financial heavyweights disagree on what it means for ether.
Read more »
Bitcoin flirts with $30,000 while ether nears $2,000Cryptocurrency prices are trading higher for no clear reason as traditional markets lag.
Read more »
Bitcoin, Not Ether, Builds Crypto Market Dominance Ahead of Ethereum's Shanghai UpgradeRegulatory concerns and worries of an immediate ether supply boost after the Shanghai upgrade are keeping investors from aggressively bidding up $ETH. reports godbole17
Read more »