Investor Who Called Bear Market Bottom Says Imminent Ethereum Upgrade Signals Bullish Market Structure for ETH

A venture capitalist who correctly called the November 2022 crypto bottom thinks the upcoming Ethereum (ETH) upgrade could signal a shift in the market structure of the second-largest crypto asset.

Placeholder partner Chris Burniske tells his 257,700 Twitter followers that he doesn’t think there is any debate about whether Ethereum’s upcoming “Shapella” upgrade will be bullish for the asset.

“I’m shocked it’s a debated question that *de-risking ETH staking by allowing for unlocks* is bullish. And unfortunately for doubtoooooors, the fact it’s even a question makes me more bullish.”

The so-called Shapella upgrade is a portmanteau of the two upcoming Ethereum upgrades: Shanghai, which will make changes to the project’s execution layer, and Capella, which will make changes to the consensus layer.

The update will allow validators to withdraw ETH from Ethereum’s proof-of-stake blockchain for the first time following the transition from the proof-of-work consensus mechanism. Shapella was originally scheduled to activate in March but was pushed back until April 12th, according to an Ethereum Foundation announcement.

Says Burniske,

“Buy the news indeed – will be another market structure shift for ETH.” 

Last month, Burniske predicted that Bitcoin (BTC) would exceed $30,000 and Ethereum would surpass $2,000 in April.

Ethereum is trading at $1,812 at time of writing and is up nearly 2% in the past 24 hours.

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