In the scenario with te Shangai's update in the Ethereum network, aprox 16 million ETHs will be out of stake(~U$25 billion). That will cause a lot of selling pressure in the market, people could take the loss.
Also, ETH price action seems to converge in a lot of resistence above the 1700s(last bottom, 2021), and different patterns and trendlines the price arrived the top, if a breakdown occurs, the price might go back to the 1300s area at the main trendline
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