Ethereum has undergone a series of significant upgrades recently, including transitioning from proof-of-work to proof-of-stake consensus, and the recent Shapella upgrade that resulted in several network alterations.
One notable change following the Shapella upgrade is the introduction of the ability to withdraw staked ETH. Though there were concerns about a possible sell-off, the price of ETH remained robust.
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According to recent findings from crypto researcher Tom Dunleavy, the Ethereum network appears to be stabilizing after the Shapella upgrade. New data shows that deposits to ETH staking contracts have surpassed total withdrawals in the queue, indicating a positive trend for the network.
New deposits to the Eth staking have flipped withdrawals for the first time since Shapella w/ an entering validator queue of ~14k validators, versus an exit queue of ~12k
A sign of strength for the Eth network in the face of large forced withdrawals from Kraken.
h/t @DPCio pic.twitter.com/syG6BRBDkj
— Tom Dunleavy (@dunleavy89) April 27, 2023
Ethereum deposit validators visibly higher than withdrawals
As per the details shared by Tom Dunleavy, the current number of validators in the entering queue is 14,000, while the exiting queue has 12,000 validators. This is being considered a positive indication of strength for the Ethereum network, particularly after the significant forced withdrawals from Kraken.
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At the time of writing, Ethereum is trading at $1,906, according to CoinMarketCap data. The cryptocurrency has experienced a 2.15% decrease after a recent rally that saw its price reach as high as $1,957. Following the Shapella upgrade, the price of Ethereum surged above $2,100. However, the overall market turbulence led to a decline in prices. Recent data shows that ETH is up by 11.6% in the last 30 days and 58.76% year-to-date. The 24-hour trading volume of ETH is also up 39%, depicting an increase in trade activities in this period.