ethereum merge took place on Sep 15, 2022, taking the Network from proof-of-work to proof-of-stake . As a result, Ethereum eliminated mining and introduced staking

this staking was a bit different than other POS blockchains, since you can’t withdraw your ETH tokens

there are a few scenarios that may happen to ETH:

1- being unable to withdraw the staked tokens, makes people less interested in staking their tokens, you can clearly see this since only 14% of the total ETH in circulation is being staked. this number for cardano is 72% since you can stake and unstake your tokens whenever you want. shanghai upgrade can encourage more holders to stake their ETH and this staking can decrease the number of tokens in circulation which will increase the price

2- the bearish case is where stakers want to sell their tokens to take profit, since for a lot of stakers, price of ETH was 600$ when they staked their ETH and this means they can make a huge profit and this selling pressure can cause a decrease in price. the team has set a maximum amount for the withdrawals (50000 per day) to prevent the price from crashing too hard, but I am not sure if this can save ETH from going down

Ethereum’s Shanghai upgrade is a hard fork slated for March 2023. The upgrade will introduce the Ethereum improvement proposal EIP – 4895 and add withdrawal functionality