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Image source @ Visual ChinaAt 23:00 Beijing time on February 7th, the Ethereum Zhejiang testing network successfully activated the Shanghai upgrade on epoch1350, taking 13 minutes to complete, and successfully simulated the withdrawal of pledged ETH for the first time. (Note: The term 'Shapella' originates from Shanghai and Capella and represents improvements in two plans, which can simplify the process of simultaneously extracting rights pledge ETH at the execution layer and Beacon chain

During today's trading session, Ethereum and cryptocurrency markets have shown strength and are trading in green. The expectations surrounding the upcoming major upgrade of ETH in "Shanghai" may support a positive price trend

The article was edited at 0:30 am on March 20th, 2022. I hope it can help everyone!As of the deadline for submission, the high point of Da Bing is around 30413 and the low point is around 29000

Highlights of the storyAs the current trading settings continue to flicker with huge bullish signals, Ethereum prices seem to have implanted extreme bullish momentum.Verifiers continue to withdraw their holdings of assets, which may raise concerns about the upcoming rise in ETH prices

Recently, the Ethereum market has performed outstandingly, with its price breaking its recent high on May 5th, reaching $1945.During the same period, although Bitcoin remained volatile at a high point, it did not break a new high and its rise was significantly weaker than Ethereum.As of April 10th, ETH/BTC has risen by about 6.92% so far this month, reaching a maximum of 0.0679BTC, rebounding nearly 8% since March 20th.As of writing, Bitcoin has fallen below $28000, with a price of $27883 and Ethereum at $1830.The main reason why Ethereum has shown a strong upward trend and outperformed Bitcoin is due to the upcoming Shanghai hard fork upgrade on April 12th!Many experts believe that in the long run, hard forking is beneficial for Ethereum. up to now,The Shanghai craze helped Ethereum outperform Bitcoin in AprilCurrently, the positive signals surrounding Ethereum are evident:According to Glassnode data, the total value of ETH2.0 deposit contracts has just reached a 10 month high of $31601215618.82.According to data from the official website mainnet.beconcha. in of Ethereum, the total number of Ethereum pledges has exceeded 18 million ETHs, with a total of 18044134 ETHs pledged. The total number of Ethereum beacon chain validators has exceeded 560000.In addition, the Ethereum Beacon Chain ETH pledge APR (annual return rate) is 4.65%.L2BEAT data shows that as of now, the total lockup volume on Ethereum Layer2 is $9.17 billion, up 0.23% in the past 7 days. Among them, the largest lock-in volume is the expansion plan, ArbitrumOne, which is approximately 6.002 billion US dollars, accounting for 65.88%. The second largest lock-in volume is Optimism, which is 1.954 billion US dollars, accounting for 21.45%.The Ethereum Exchange showed a net transfer out status within 24 hours, with a net transfer out amount of 7.1344 million US dollars; Bitcoin experienced a net transfer phenomenon, with a 24-hour net transfer of $10.1 million.In addition to the good performance of data on the chain, the application scenarios of Ethereum are also constantly expanding, bringing hope for further breakthroughs in the market.Headquartered in Zurich, SwitzerlandFinancial bank IncoreBank announced that it will provide customers with Ethereum pledge servicesThe bank stated that customers using its Ethereum pledge service must fully comply with the "Know Your Customer (KYC)" and anti money laundering (AML) compliance requirements.Mark Dambacher, CEO of IncoreBank, stated that the bank will provide customers with Ethereum pledge services through quarantine wallets and comply with regulatory and tax regulations.However, although the Ethereum market is dominated by bullish sentiment, from today's market trend, the downward correction performance is still very obvious:Ethereum's price dropped as low as $1822 today, a daily decrease of 1.61%, while Bitcoin's price dropped as low as $27790, a daily decrease of 0.46%.Greeks.live macro researcher Adam tweeted that despite the upcoming upgrade in Shanghai, the implied volatility IV of Ethereum options has actually experienced a significant decline, with a drop of up to 8% in the past two days.He believes that the main reason for the decline in IV is the decrease in market liquidity caused by the Easter holiday. However, at the current level of volatility, it is abnormal for monthly IV to fall to the same level as Bitcoin, and a large number of users are adding positions to short the future volatility level.

The potential inflation in the United States did not quickly drop to the Federal Reserve's 2% target, and there are signs that the economy is slowing under the impact of aggressive interest rate hikes. There is a fierce debate within the Federal Reserve to adjust the final step of the interest rate hike cycle

Ethereum prices show bearish signs below $1920 against the US dollar. If the support area of $1800 is cleared, ETH may continue to decline

Ethereum prices have been in the range of $1800 to $1900 over the past week.The decrease in whale activity and the flat foreign exchange balance indicate a contemplative mood among ETH traders

Ethereum prices have risen above the resistance level of $1850 against the US dollar.ETH prices are currently trading above $1850 and 55 simple moving averages (4 hours)

After the current overall market adjustment, Ethereum experienced a reversal in the middle of the week. This correction was accompanied by a sharp drop near $1900 and has remained calm since then

Recently, Ethereum has completed its "Shanghai upgrade", with ETH breaking through the $2000 barrier. The surrounding ecosystem of Ethereum Layer-2 has also been hyped, especially after the Airborne drop of Orbitrum, a large amount of funds have poured into the Layer-2 track, which is exceptionally popular.In the past week, the number of transactions on the Ethereum main network was 7.296 million, while the total number of transactions on Layer-2 was 19.469 million, of which Orbitrum alone accounted for 10.405 million transactions, more than half. That is to say, the number of transactions on the L2 track is more than twice that of Ethereum, and the number of transactions for a project on the Arbitrum (10.405 million) is significantly higher than the number of transactions on the Ethereum main network (7.296 million).We know that Layer-2 is the ecological construction layer of Ethereum, and in the future, most of the ecology will migrate. Therefore, it is expected that the prosperity of L2 in the future will surpass that of Ethereum's main network. The ecological explosion of Layer-2 in the future can also be expected.However, after observing ETH's on chain data, it is believed that in terms of price alone, ETH still has some hidden concerns in the long termShort term ETH prices have little impact and remain a hot topic in the marketThe ecological explosion in Layer-2 has resulted in minimal gas consumption. In the past week, the destruction of Ethereum gas was 19818, while the destruction of Arbitrum was only 632, accounting for 3.2%.It should be noted that Arbitrum has been heavily hyped recently, with an on chain activity of 140% compared to Ethereum, but gas accounts for only 3.2%, and other Layer-2 public chains are even lower.It cannot be denied that the surge in ETH from 2020 to 2021 and the decrease in supply have had a significant impact. The ETH2.0 beacon chain has successively pledged over 10 million ETHs, and the EIP1559 agreement has destroyed over 3 million ETHs. After the official conversion of ETH to the POS mechanism in September 2022, the supply decreased by 90%, resulting in deflation since the launch of ETH2.0.All of the above have led to ETH's strength in the secondary market.Layer-2 is one of the future competition tracks and the core battlefield of the Ethereum ecosystem, but it is still mainly hyped, and in this case, gas only accounts for about 5% of the total ETH consumption. However, it is difficult for the ecosystem around Ethereum to grow explosively in a short period of time, as the core applications are still defi, NFT, stable currency, etc., with less demand.The current gas model of Ethereum is still the same as before the ETH2.0 upgrade. The next upgrade is the "Cancun Upgrade", which focuses on significantly reducing transaction fees. V God once said that when Ethereum matures, gas will decrease by 99%. Now, Ethereum processes over 1 million transactions per day. If we want to maintain gas consumption, the number of transactions will need to exceed 100 million.Weinao believes that this will take a relatively long time to achieve, soAfter the hype of "Little Spring" in 2023 is completed, there may still be some pressure on the prices in the ETH secondary market before the next bull market arrives.

In the past 24 hours, the price of Etalum, the second largest secretive company, has skyrocketed by 7% as its network has successfully completed the highly anticipated Shanghai hard fork. However, upgrades enable network participants to recover their bet funds