The Ethereum Shapella upgrade, which allows validators to withdraw tokens locked on the network, took place within the week. The fact that the ETH price increased contrary to expectations after the update confused the investors. With Merge taking place in September Ethereum There was a significant drop in price.
In this article, shapella Let’s take a closer look at the latest status of ETH price with the update…
Daily Traders Profit!
According to on-chain data tracker Santiment, intraday traders have achieved profit margins that they haven’t earned in a long time. The P/L index metric rose to 3.58, its highest level since Jan. 20.
The fact that daily traders are in profit actually increases the possibility of selling pressure. However, the fact that people who previously locked their Ethereums were in loss by half, reduced the possibility of selling pressure on ETHs that were unlocked after the Shapella update.
Because half of the investors locked ETHs in the system in the past, but did so at a higher cost than the current price. For this reason, even if the locks were opened, they did not go to sell.
Are Whales Selling?
After the Shapella update, market followers carefully examine how ETH whales are moving. According to on-chain data, large whales holding between 10,000 and 100,000 ETH have made sales since February.
Despite the sale of giant whales, medium-sized (1,000 – 10,000 ETH) whales continue to buy Ethereum, preventing the price from falling so far.
ETH Price
Native token of the largest smart contract platform ETHIt is trading at the highest level in the last 8 months.
Ethereum, which broke the resistance of $2,028 the other day, can continue to rise up to $2,300 if it can hold above this level.
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