Can Shanghai upgrade anticipation keep ETH selling pressure at bay?

• The bulk of staked ETH is astatine a nonaccomplishment according to caller data.
• ETH traders amusement optimism, contempt bearish metrics.

After the Ethereum merge, the prices of ETH declined massively and addresses were near holding their ETH astatine a loss.

Another upcoming important event, the Shanghai Upgrade, which volition beryllium occurring this month, has made Ethereum holders disquieted astir a imaginable sell-off of a akin fashion.

Read Ethereum’s Price Prediction 2023-2024

One of the reasons for the aforesaid would beryllium that the Shanghai upgrade would alteration holders to retreat their staked ETH. These holders could extremity up selling their ETH and thrust the terms of the altcoin down.

A motion of hope

However, according to Crypto Quant’s recent data, determination whitethorn not beryllium arsenic overmuch selling unit connected these Ethereum stakers arsenic antecedently believed. Based connected the data, it was seen that 60% of the ETH staked was astatine a loss, representing 10.3 cardinal ETH.

These holders would not person arsenic overmuch of an inducement to merchantability their holdings.

Even though 60% of the wide staked ETH addresses are expected to HODL, the aforesaid cannot beryllium said for the remainder of the 40% of holders connected the network. The sell-off from the remaining profitable addresses could interaction ETH’s prices negatively.

However, this did not halt traders from being hopeful astir Ethereum. According to glassnode’s data, agelong positions taken connected Ethereum reached a 9-month precocious connected Binance.

It wasn’t conscionable traders who were optimistic astir Ethereum, retail investors besides started to accumulate ETH. Over the past month, addresses holding much than 1 ETH accrued and reached a precocious of  1,741,066 addresses.

Despite the traders’ and investors’ optimism, determination were immoderate metrics that suggested a bleak aboriginal for ETH.

For instance, the web maturation of Ethereum declined successful the past fewer days. This implied that caller addresses were not funny successful buying ETH. Its velocity besides fell, indicating a diminution successful the frequence with which ETH was being traded.

Realistic oregon not, here’s ETH marketplace headdress successful BTC’s terms

Coupled with these factors, the wide enactment connected the Ethereum web declined. This was showcased by the declining state usage connected the Ethereum network.