Bullish On Ethereum, Survey Shows Community Predicts New All-Time High In 2023

A sizable majority of the Ethereum (ETH) community anticipates a rise in ETH staking around the time of the Shapella update, according to a recent study by OKX, the second-largest global cryptocurrency exchange by trading volume. More significantly, the majority believes that the price of ETH will increase to a new record high.

The study done by OKX sheds light on what the Ethereum community anticipates for the network’s future. The majority of respondents, or 83%, predict that there will be a rise in ETH staking during the next three months, partly as a result of the planned Shapella update. 

Regarding price forecasts, 63% of respondents think that by the end of 2023, ETH will hit a new record high of over $5,000. However, respondents are divided on how ETH’s price will respond to the Shapella upgrade. 20% predict a period of sideways movement, while 59% anticipate the price to rise before and after the upgrade. 

33% of respondents, when questioned explicitly about the price of ETH in June 2023, predicted that it would be higher than its six-month high of $2,000 but lower than its 12-month high of $3,000 at that time. ETH is expected to be valued at less than $2,000 by 34% of respondents but at least $3,100 by 33%. 

According to the poll, 17.9 million ETH were staked on the Ethereum network as of April 5th, 2023. This shows the rising acceptance of ETH staking to create passive income in the market and represents a sizeable amount of value, equal to more than $34 billion. 

Investors who stake their ETH might also receive a 4.64% annual interest (APR) on their holdings. However, the increased rivalry among stakers for rewards is reflected in the APR’s decline as the amount of ETH staked rises. 

To fulfill the rising demand for ETH staking, OKX claims that it will start processing withdrawal requests for staked ETH within a week of the Shapella update becoming live. 

700 people participated in the poll that OKX performed during the ETH Denver conference between March 1 and 5, 2023, including ETH traders, investors, and network developers, according to OKX. 

In general, the growing acceptance of ETH staking and the rising quantity of value staked on the Ethereum network over the past several months represents the maturation and adoption of the young sector and the confidence investors have reclaimed following the end of the crypto winter. 

ETH is now trading flat at $1,850, down 0.6% from the previous day. The cryptocurrency is still hanging onto its gains from the previous week, with a 3.5% profit during that period of time.