Ether (ETH) has the potential of reaching the $5000 price mark, surpassing its previous all-time high of $4,800 before the year runs out, according to 63% of respondents to a survey conducted by crypto exchange OKX.
OKX released results from its surveys as it inquired about the disposition of crypto enthusiasts about the upcoming Shangai upgrade. The Shanghai-Capella upgrade, based on the Ethereum roadmap, will see the network unlock all staked ETH and grant users access to withdraw them.
Wen Moon?
Despite popular opinion among analysts that the Shapella upgrade will hamper the price of the second most valuable cryptocurrency in the world, poll results prove respondents are not buying that idea.
Aside from the 63% that predicted a $5,000 market value for ETH, an additional 33% believe that the digital asset will surpass $2,000 by December but will not reach its 12-month high of $3,000.
Either way, participants are particularly optimistic that ether will not crash after the unstaking process. The survey shows that a whopping 93% of participants believe that the Proof-of-Stake-based digital asset will surpass its current price of $1,890 at press time.
A Different Scenario?
The OKX survey revealed that 79% of respondents believe that the crypto market and ETH would react differently to The Merge, which happened late last year. The Merge saw Ethereum move from Proof-of-Work to the more energy-friendly Proof-of-Stake in September 2022.
Contrary to popular opinion, ether closed bearish on the month of The Merge, dropping 14% from its opening price. ETH closed slightly above $1,300 after opening the month as high as $1,554.
The survey participants expect a different outcome in the Shangai upgrade, with 59% disclosing they expect ETH to rise before and after the upgrade. The upgrade would go ahead despite division among the network’s core developers, as some described it as “hasty and early.”
