For Ethereum, the cryptocurrency that is Bitcoin’s biggest competitor shapella update is getting closer. Investors are researching how the network upgrade will affect the ETH price. on-chain data is giving mixed signals.
Staking Entries Increase!
According to data from blockchain network tracker CryptoQuant, investors continued to stake ETH on the network as the update approached. which has been regularly locked to the network since the end of November. Ethereum the number is increasing.
According to the latest data, the staked amount has reached 18 million, which corresponds to 15% of the ETH tokens in circulation.
Who Owns the Most Ethereum?
The majority of Ethereum lovers thought that with the Merge update, the network would have a more decentralized structure. However, after the launch of the staking system, most of the total activity went towards the main validators. Cryptocurrency exchange Kraken is staking 1.2 million Ethereum on the network, according to Dune Analytics data.
A possible sanction by US government agencies on Kraken could therefore negatively affect the Ethereum price.
ETH Price
Native token of largest smart contract network Ethereum ETHsurpassing Bitcoin in the past few days, peaking at $ 1,900.
The $1,842 level may act as an intermediate support for ETH, which is currently trading at $1,880.
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