Key Points:

  • Since the Shanghai upgrade, it seems that investors are still interested in staking Ethereum.

  • The number of addresses holding more than 1 ETH hit a one-month high.

  • The rise in active deposits seems to be linked to the introduction of a new memecoin named PEPE.

Following Shanghai’s execution last month, the network has shown that the majority of Ethereum aficionados are still keen to begin staking. The proof is that the number of addresses holding over 1 ETH has hit a new 30-day high.

Glassnode data shows that the number of addresses holding more than 1 Ethereum reached 1,750,726, a new one-month high.

#Ethereum $ETH Number of Addresses Holding 1+ Coins just reached a 1-month high of 1,750,726View metric:https://t.co/IuKpD48IXd pic.twitter.com/avsNWis4Qm

— glassnode alerts (@glassnodealerts) May 6, 2023

ETH’s price is currently trading at $1,890. However, a day earlier, the $2000 level was tested again.

ETH price chart. Source: TradingView

When the dust has cleared from Ethereum’s historic Shanghai upgrade, it’s time to examine some of the main staking lessons. With the Shanghai update, Ethereum investors may finally withdraw their assets from the mainnet. Some have been expecting to do so since December 2020, when the staking option was first offered.

For over a year, Ethereum pricing has struggled to close above a critical resistance level, and it is now trying to do so again after failing to do so earlier this month. This important psychological threshold is also linked to approximately 24% of the total circulating quantity of ETH, making a breach much more significant.

PEPE, a new memecoin, has resulted in an increase in Ethereum active deposits, with traders transferring their winnings into ETH, possibly pushing the price past $2,000 if the wave continues.

According to a recent Santiment chart, an intriguing trend has occurred. The data revealed a significant increase in active deposits inside the network, revealing a pattern that began on 3 May. Nonetheless, it peaked on the 4th and 5th of May, reaching heights not seen since November 2021.

Source: Santiment

Such optimism is crucial for recovery and may have been a driving factor in the ETH price approaching $2,000. Nonetheless, some selling by 100,000 to 1 million ETH holders has been detected in the recent week. Retail holders, on the other hand, have only begun selling after ETH collapsed last month.

Yet, since $2,000 is a major psychological support level, it would almost definitely generate enough bullishness to start investors moving.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News