Can Shanghai upgrade anticipation keep ETH selling pressure at bay?

The majority of staked ETH is at a loss according to recent data. ETH traders show optimism, despite bearish metrics. After the Ethereum merge, the prices of ETH declined massively and addresses were left holding their ETH at a loss. Another upcoming significant event, the Shanghai Upgrade, which will be occurring this month, has made […]

, there may not be as much selling pressure on these Ethereum stakers as previously believed. Based on the data, it was seen that 60% of the ETH staked was at a loss, representing 10.3 million ETH.Even though 60% of the overall staked ETH addresses are expected to HODL, the same cannot be said for the rest of the 40% of holders on the network. The sell-off from the remaining profitable addresses could impact ETH’s prices negatively.

However, this did not stop traders from being hopeful about Ethereum. According to glassnode’s data, long positions taken on Ethereum reached a 9-month high on Binance. It wasn’t just traders who were optimistic about Ethereum, retail investors also started to accumulate ETH. Over the past month, addresses holding more than 1 ETH increased and reached a high of 1,741,066 addresses.Despite the traders’ and investors’ optimism, there were some metrics that suggested a bleak future for ETH.

For instance, the network growth of Ethereum declined in the past few days. This implied that new addresses were not interested in buying ETH. Its velocity also fell, indicating a decline in the frequency with which ETH was being traded.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Here’s why ETH’s underperformance is not linked to ShanghaiAnalysts argued that the altcoin’s recent letdown could either be linked to the nearing Shanghai upgrade or not ETH may not rally in the short term as traders are torn between longs and shorts According to Hal Press, Ethereum’s [ETH] underwhelming performance in recent times could be a result of some faults in the nearing […]
Read more »

Ethereum [ETH]: Will this development turn HODLers into stakersEthereum stakers impacted positively after the merge. Addresses continued to hold their ETH as selling pressure reduced. According to a 1 March tweet by Messari, the Ethereum [ETH] merge had a huge impact on the state of stakers. Even though the prices of ETH took a hit, staking returns improved from 1% in Q3 to […]
Read more »

Ethereum [ETH] bounces from $1600 but bearish bias remains: Here’s whyDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The bearish structure break two weeks ago meant sellers had an edge at press time. An imbalance on ETH charts could offer an ideal selling opportunity. A recent report highlighted that Ethereum [ETH] validators […]
Read more »

Will TRON’s [TRX] high TPS be enough to improve its DeFi state?Active accounts and transactions on TRON increased. However, the total value locked on the network declined. According to a 28 February tweet by TRON Community, TRON [TRX] surpassed other major cryptocurrencies such as Ethereum [ETH], Bitcoin [BTC], and Ripple [XRP] in terms of TPS (transactions per second). At press time, TRON’s TPS had increased to […]
Read more »

Why Polygon’s [MATIC] struggles continue despite growing transaction feesPolygon outperformed Arbitrum and Optimism in terms of transaction fees collected over the last 30 days. MATIC became the most traded token among top Ethereum whales. According to a 28 February tweet, Polygon [MATIC] collected more than $7 million in transaction fees in the year-to-date (YTD) period, which highlighted the Ethereum [ETH] sidechain’s growing network […]
Read more »

Optimism [OP]: Social hype reaches new heights: Is a cool-off looming?Following Base’s launch, Optimism saw a jump in its price and social dominance. The hike in social mentions might precipitate a decline in the alt’s value. The hype surrounding the testnet launch of Coinbase’s [BASE] new Ethereum [ETH] layer-2 network has led to increased discussions about Optimism [OP]. How much are 1,10,100 OPs worth today? This […]
Read more »