ETH Staking Withdrawals Confirmed: Ethereum Devs Reveal Date

• Ethereum developers agreed on the ETH staking withdrawals date.
• The Shapella upgrade will allow Ethereum stakers to withdraw their ETH in part or in full.
• Some estimates are predicting significant selling pressure on ETH, though others see only a modest impact on the price of ETH.

Ethereum (ETH) has gone through several important upgrades in the past few years. One of them is the transition to a proof-of-stake (POS) consensus mechanism, which allowed users to lock their ether to stake and secure the network.

However, another important Ethereum upgrade is just around the corner. That upgrade will allow those that locked their ETH to withdraw it.

ETH Staking Withdrawals Date Confirmed

After three years of waiting, Ethereum stakers finally know the date when they’ll be able to unstake their ETH and withdraw it.

On Tuesday, March 28, Ethereum developers confirmed that the Shapella upgrade, the one that will enable ETH staking withdrawals, will be performed at epoch 194048 at around 22:27:35 UTC on April 12.

ETH stakers will have two options to withdraw their ether. One is a full withdrawal of all ETH currently in staking and the other is a partial withdrawal with only the accrued rewards withdrawn.

The ability to withdraw staked ETH is set to have an impact on the price of ETH, though to what extent is still a topic of discussion.

Will ETH Staking Withdrawals Impact ETH Price?

The Shapella upgrade is one of the most monumental upgrades in Ethereum history, though it could have a negative impact on the price of ETH.

That’s because there is currently almost 18 million ETH staked worth around $32.5 billion (and counting) at the current prices, which is about 15% of all ETH in circulation. While the upgrade will unlock the staked ETH gradually and not at once, industry observers still believe that ETH will face significant selling pressure.

The pressure is most likely to come from those validators who’ve been staking longest. For example, when the Beacon chain went live in December 2020, about two million ETH was staked with an average ETH price of $600. That would mean those stakers are in profit and would likely want to realize at least part of that profit.

However, the majority of stakers that entered the market in 2021 and 2022 are still underwater and might not want to sell at a loss.

On the Flipside

• There are still many uncertainties about how the price of ETH will react to the Shapella upgrade.

Why You Should Care

The Shapella upgrade is set to be one of the most important upgrades in Ethereum’s history. For stakers, this means that they’ll be able to withdraw all or part of their ETH. For investors, this means that they’ll be able to scoop up cheap ETH if the price of ETH dumps due to stakers withdrawing and selling.

Read more about Coinbase suspending Algorand staking rewards:
Coinbase Suspends Algorand Staking Rewards Amid SEC Crackdown

Read more about Fluidity’s new cashback program:
DeFi Protocol Fluidity Launches Cashback Program on Request Finance

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• Source: https://dailycoin.com/eth-staking-withdrawals-confirmed/