The adage “buy the rumor, sell the news” often passes for sound fiscal advice.

Not today.

In the minutes following the successful implementation of Ethereum’s historic Shanghai upgrade, which Wednesday evening enabled the withdrawal of staked ETH by the network’s participants, the price of ETH remained largely unchanged, even ticking slightly upwards.

ETH stayed steady in the minutes following the merge, crawling up just a hair—.21%— to $1919.50 at writing, according to CoinGecko. That’s up roughly 3% since yesterday evening.

More significant than those paltry gains is the fact that ETH did not drop sharply in price following Shanghai’s successful implementation, as was widely expected. Often, traders buy up stocks or cryptocurrencies in anticipation of a major event impacting that asset, then sell it off en masse once the event occurs.

That’s what happened in September, when the merge event transitioned Ethereum to proof of stake. Despite the event’s remarkable technical success, ETH plummeted some 8% immediately following the news, as traders offloaded their positions.

Shanghai, while certainly significant to the Ethereum ecosystem, appears to have avoided making the same impact on ETH. The upgrade completed Ethereum’s shift t

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Author: Sander Lutz

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