Ether Erases All Gains From Shanghai Rally As Bitcoin, Other Crypto Prices Also Fall

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Ether (ETH) fell to $1,833 on Friday afternoon, its lowest price since April 9, according to data from CoinDesk.

The second-largest cryptocurrency by market capitalization has now erased all price gains from its recent rally following the seamless implementation of Shanghai’s highly anticipated upgrade last week.

ETH is down more than 13% from a high of $2,118 on Tuesday. It has fallen 5.3% in the past 24 hours as investors continue to weigh the macroeconomic and crypto-industry-focused uncertainties that have plagued the broader digital asset market.

The April 12 hard fork, the latest major step in transforming the Ethereum blockchain from a proof-of-work to a more energy-efficient proof-of-stake protocol, enabled withdrawals of approximately $35 billion in stranded tokens in staking contracts. ETH started to climb a day after the event and reached its highest level in 11 months. It had remained below $2,000 for most of the past year.

The steady decline in ETH since Tuesday has occurred amid a broader price plunge. Bitcoin was recently trading at around $27,200, down more than 3% in the past 24 hours and falling more than 10% from a Tuesday high comfortably above $30,000.

Crypto markets have shown weakness in recent days as concerns over lingering inflation, stock market earnings and the looming recession drove prices lower, Edward Moya, senior analyst at Oanda FX Market, said Thursday. on CoinDesk TV.

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