Sepolia, Ethereum’s second test network, successfully launched the withdrawal functionality of staked Ether (ETH) today. As a result, Ethereum comes closer to the anticipated Shanghai upgrade. This upgrade was triggered at 4:04 UTC and completed at 4:17 UTC.
The #Ethereum blockchain is one step closer to its highly anticipated Shanghai Upgrade, as a second test network, called Sepolia, successfully replicated withdrawals of staked ether (#ETH) today.
— CryptoNewsZ (@cryptonewsz_) February 28, 2023
The upcoming Shanghai upgrade will make Ethereum a fully functional proof of stake network, enabling the stakeholders to withdraw rewards and earn from approving or adding blocks on the Ethereum blockchain network.
The Sepolia test net is designed to introduce the withdrawal process for the developers that will happen on the mainnet after the Shanghai upgrade. This testnet copies the main blockchain and allows the developers to fix bugs and test the process in a low-staked environment.
Sepolia is the 2nd test in the process, and the third will be on a closed test net known as Zhejiang. Only Ethereum’s core developers can run and validate the process on the test net. However, Sepolia is the smallest of the three test nets before the Shanghai upgrade, with a smaller number of validators participating in this test.
The final test net will be coming next week, and it will be another rehearsal for the core developers to run the system and withdraw the staked ETH. Most importantly, the third test, also known as Goerli, will be the biggest test that closely mimics the main Ethereum blockchain activity.
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The next testnet upgrade will occur around March 21, which can push the mainnet Shanghai upgrade around April.
Ethereum (ETH) Price Action
Ethereum has recovered from its ATH but is still under the bear’s grip because of the US Fed interest rate hike and other global pressure. Experts suggest it may continue even this year, so as per our ETH projections, it could be the right time to invest in Ethereum at a lower price, especially during and after the Shanghai upgrade.
Ethereum is trading around $1600 with support around $1500. Based on our Ethereum price prediction, the ETH price will trade between $1500 and $2300 in 2023. We do not think ETH will break the support of $1500 even with the announcement of the US Fed rate hike at least twice this year.
If the situation remains the same, then you cannot expect much even in 2024, so the price will still remain around $2700 in the next year, and the price will be volatile in these two years. That means you have to buy at the right time. The situation will be much better in 2025, and inflation will be under control, so that we can expect an ETH price surge with support of around $2500. However, the price will exceed $3200.
How high can Ethereum go by 2030?
Based on our algorithmic price prediction, the ETH price will be around $8000 in 2030. Still, it will be tough to predict correctly because market momentum will depend on sentiment and other external global economic factors. However, ETH will rise in the next ten years, so it is the right time to invest in an altcoin like Ethereum.
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Our Ethereum price forecasts are based on experts’ technical analysis, use cases, and algorithmic price prediction, which excludes future market sentiment and other global factors that might influence the price.
