The ETH price rebounded following Ethereum staking withdrawals entering the testnet stage. The full launch will come in the Shanghai upgrade.
The ETH price is beginning to see some upwards momentum, jumping by 10% to over $1,200 in the last 24 hours.
The likely reason for the rebound is the fact that the staking withdrawal feature has entered the testnet stage.
The Ethereum Foundation JavaScript Team said that it would relaunch the Shandong Testnet in the coming days. Shandong is a pre-Shanghai testnet that activates a set of selected Shanghai-considered EIPs for early client testing.
Ethereum developer Marius van der Wijden tweeted that a multiclient devnet had launched, which would allow the testing of withdrawals. Currently, it supports Lodestar, Teku, Lighthouse, Nethermind, and Geth.
Source: https://beincrypto.com/ethereum-staking-withdrawals-enter-testnet-stage-price-rebounds-slightly/