Ether (ETH) rose to an eight-month high of $1,873 on Tuesday, outperforming bitcoin (BTC), which rose to $28,300, according to CoinDesk data. The ether-bitcoin ratio also rose over 1% to 0.066, taking back a small portion of the 7% decline seen last month. The rise in ether's value is attributed to the highly anticipated Shanghai upgrade, which is now less than two weeks away, and the weakening of the US dollar. The upgrade will open withdrawals of ether staked in the Beacon chain since December 2020 and is expected to be a long-term bullish catalyst for ether and liquid staking tokens.

(By Omkar Godbole)