Ethereum has completed the Shanghai upgrade, and the total amount of Ethereum pledged now stands at 18.166 million ETH.
According to a blog post by the Ethereum Foundation Protocol Support team, three stages of ETH pressure selling are predicted.
The first stage is within 27 hours of the upgrade, the selling pressure comes from partial withdrawals (i.e. interest accumulated over the years), approximately per day, 84-125,000 ETH per day.
The second stage, days 3 to 4 after the upgrade, saw the highest potential selling pressure from partial withdrawals (interest) and full withdrawals (full 32ETH) of 136,000 and 173,000 ETH per day respectively.
The third phase of selling pressure will be from total withdrawals and will last from 19 to 52 days, with around 48,000-53,000 ETH selling pressure per day.