Ethereum cracks $2k as uncertainty of Shanghai upgrade settles

Quick Take

  • Ethereum has broken $2,000 a day after the Shanghai upgrade.
  • From a fundamentals point of view, it clearly shows the uncertainty has disappeared from the upgrade.
  • Changes in active validators from the past two days are now positive, which saw back-to-back negative adjustments for the first time.
  • The voluntary exit count seems to have subsided; the voluntary exit count on a 1-hour resolution spiked to 3,600 before dropping to 1,200 on April 13.
  • In addition, Nansen data shows deposits outpaced withdrawals on April 13. Potentially investors are re-staking after simply testing the unstaking process.
  • Arkham Intelligence has reported 127,400 ETH have been withdrawn ($253 million), and most withdrawals were made from Lido, which withdrew 71,800 ETH.
  • Currently, more than 17.4 million ETH remain staked, equal to about 14.5% of the tokens in circulation.
ETHUSD: (Source: Trading View)
Validators: (Source: Glassnode)
Validators: (Source: Glassnode)
Deposits vs Withdrawals: (Source: Nansen)
Deposits vs Withdrawals: (Source: Nansen)
Voluntary exit count: (Source: Glassnode)
Voluntary exit count: (Source: Glassnode)
ETH Total Value Staked
ETH Total Value Staked: (Source: Glassnode)


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