Are Ethereum traders hesitant ahead of the Shanghai upgrade? All eyes are on the Ethereum blockchain as the big Shanghai upgrade approaches, enabling the first-ever withdrawals of staked ether (ETH). This landmark event has sparked debate: Will Ethereum Traders have 'bought' ahead of the Shanghai upgrade, and if the upgrade is successful, they will sell ETH in the market, Kssis said?

The question on everyone's mind is whether the upgrade will trigger a sell-off. Kssis predicted that traders would sell Ethereum. Some analysts expect ether's price to drop after the upgrade but others believe an uptick in selling pressure is already baked in and that the market will bounce after.

But what does the data suggest? We delve into key metrics such as Options 25 Delta Skew, Open Interest, and Funding Rate Spread to reveal a surprising trend in the market sentiment. Is a significant sell-off imminent, or has the market already priced in the potential for increased ETH supply?

A key element to consider is the staked ETH itself. A total of 32 ETH is required to be a validator on the Ethereum network. However, with platforms such as Lido, investors could stake lesser than 32 ETH and still be a validator on the network. This accessibility has dramatically increased the amount of staked ETH, leading to concerns about the potential volume of withdrawals after the Shanghai upgrade.

Ultimately, the future price action of Ethereum following the Shanghai upgrade remains uncertain. Our analysis aims to provide a comprehensive overview of the factors at play, helping you to understand the potential risks and opportunities in the Ethereum market. Stay informed and make data-driven decisions as this pivotal moment unfolds.