Here’s why ETH’s underperformance is not linked to Shanghai

Analysts argued that the altcoin’s recent letdown could either be linked to the nearing Shanghai upgrade or not ETH may not rally in the short term as traders are torn between longs and shorts According to Hal Press, Ethereum’s [ETH] underwhelming performance in recent times could be a result of some faults in the nearing […]

The founder and lead educator at North Rock Digital opined that the upgrade “overhang” was not sustainable despite admitting the exceptional work put in by the blockchain developers. This opinion came after Ethereum developers confirmedOn the contrary, BlockTower Capital founder Ari Paul did not align with Press’ judgment. In defense of his opposition, Paul mentioned that ETH has never capitulated and the cryptocurrency’s underperformance was expected.

Not because of Shanghai imo. It’s *because* ethereum fundamentals have been so strong consistently over last year. ETH never “capitulated”, so it’s gonna underperform everything that did on the bounce from lows. Also this dynamic: little new money coming into crypto. /1He also linked the performance to the Ethereum market cap, noting that altcoins with smaller market capitalization tended to grow faster in value.

“Hard for large caps to meaningfully pump. But some $100m or $1b or even $5b market cap coin? That can easily double just from minor rotational flows within crypto ”Bitcoin [BTC]Regardless of doubts in some corners, the Ethereum blockchain still topped others in terms of Total Value Locked . THE TVL evaluates the health status of a project and the unique deposits it has gained into its underlying protocols.

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