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Executive Summary: Ethereum's Shapella Upgrade Is Live — Now What?

In this article, I cover the Ethereum Shapella upgrade that is now live and enables withdrawals of staked ETH, analyzing the uncertainty around whether this is bullish or bearish for ETH price.

Summary: The Ethereum Shapella upgrade enabling ETH withdrawals is live, making Ethereum fully proof-of-stake, but the price impact remains uncertain as the market decides whether it's a "buy the news" or "sell the news" event.

Leadup to Shapella:

  • Enables unstaking and withdrawing staked ETH
  • Uncertainty whether bullish or bearish for ETH price

How Ethereum upgraded:

  • Went live at epoch 194,048
  • Enables partial and full withdrawals of staked ETH

Where Ethereum is headed next:

  • Sharding seen as next big upgrade
  • Could significantly lower gas fees
  • Likely bullish for long-term network growth

Price impact uncertain:

  • Some analysts expect ETH dump, others see opportunity
  • On-chain data shows up to 170K ETH may be sold
  • Price action will play out over coming weeks


  • Upgrade is positive step in Ethereum's development
  • But market will decide if bullish or bearish for ETH price

Full article:

Ethereum’s Shapella Upgrade Is Live — Now What? | CoinMarketCap
The Shapella (Shanghai + Capella) upgrade successfully went live on epoch 194,048, block height 6209536 at 22:27 UTC on April 12, 2023.