The asset value has increased dramatically as a result of the recent Ethereum Shanghai upgrade, which took place just five days ago. On Monday, it was trading at about $2,100, up about 10%. Due to this, Ethereum has scaled to a remarkable 11-month high, and bulls are now anxiously approaching a significant level of support and resistance between $2,274 and $2,662.

The constant re-balancing of the staked ether, however, is projected to keep ether's volatility high, which will heighten interest among investors and traders in cryptocurrencies.

An analysis of the Ethereum Staking Programme
According to market intelligence portal Lookonchain, since the Shapella/Shanghai upgrade occurred on April 12, a total of 1,024,099 ETHs, valued at roughly $2.15 billion, have been removed. After withdrawal, three whale addresses for ETH reportedly staked their holdings again, totaling 19,844 Ether. Three additional whale addresses, totaling 71,444 ETH, transferred their withdrawn ether to centralised exchanges for liquidation.

Restaked Assets and Post-Upgrade Liquidation
The company found multiple occasions where whale investors in ETH withdrew their funds and transferred them to centralised exchanges like Binance, Huobi, and Kraken. However, successful withdrawals following the Shanghai upgrade total 158,592 ETH, or almost $333 million.

13 ETH whale addresses that have re-staked their coins have been located by Lookonchain. Since the Shanghai upgrade, 34,198 ETH totaling over $72 million had reportedly been staked.

Market Prospects
After the Shanghai upgrade, there were less than 2,000 fewer validators overall, who stood at 561,655 on Monday. The Ethereum ecosystem has a bright overall outlook with a total staked Ether of about 17.9 million. As a result of regulatory scrutiny by the SEC, crypto enthusiasts in the United States are currently unable to stake ETH.