Ethereum's Shanghai upgrade will unlock 17.6M ETH or over $28 billion.
), shows a growing conflict among traders about the market direction for March. This uncertainty has resulted in ETH price consolidating inside a narrow sideways range between $1,600 and $1,700 since Feb. 15.Shanghai upgradeSeveral analysts predict Shanghai's token unlock feature, which will enable stakers to withdraw their vested tokens from Ethereum's proof-of-stake smart contract, will trigger a short-term selloff event.
Therefore, if history is any indication, ETH's next correction could potentially land its price near $1,250, down 25% from the current levels. Conversely, a break above $1,650-1,700 positions ETH for the $1,925-2,000 range as its next upside target.From an on-chain perspective, as extended Ether price crash appears less likely.
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