Ethereum Soars Above $2,100 Following Successful Shapella Upgrade

Ether (ETH) price crossed the $2,100 area for the first time in several months. The Shapella upgrade of Ethereum went live on April 12th, enabling more than $1 billion in ETH to be withdrawn, yet the price of ether continues to rise.

After several months of planning, the long-awaited Ethereum Shapella upgrade was successfully launched on April 12, bringing various improvements to the network while enabling pegged ETH withdrawals.

Despite initial concerns that enabling withdrawals of ETH tokens held on-chain since the recent merge event that saw Vitalik Buterin’s Ethereum move to a proof-of-stake (PoS) blockchain would lead to a massive crash in the price of the world’s second-largest cryptocurrency, , the opposite was true.

Although the global banking crisis has led to strong bullish momentum across cryptocurrency markets since last month, ETH has emerged as one of the best performers this month, with a price increase of 23.5% in the last 30 days.

Filling out this report, Ether (ETH) is exchanging hands for $2,110, which is up 6.7% in the last 24 hours. However, despite the recent bull run, ETH is still down 56.73% from its all-time high of $4,878.26, which was reached in November 2021.

Ethereum’s 24-hour volume is currently $17,063,677,127, with a market cap and market cap dominance of $253,760,642,168 and 19.026%, respectively, according to CoinGecko.