Decoding Ethereum’s current state ahead of Shanghai upgrade

Decoding Ethereum's [ETH] current state ahead of Shanghai upgrade

tweet, all-time PnL traders who profited $40k or more saw a 50% decrease in ETH holdings since May.

Reportedly, most of the PnL DEX traders have halted the majority of their trading activities as they are expecting high volatility in the near future.On the other hand, retail investors have continued to buy ETH on a large scale. This was indicated by the number of non-zero addresses on the Ethereum network which reached an all-time high of 95.04 million addresses.The reduction in the number of ETH transactions over the last month backs up the previous statement.

This also impacted the average gas usage on the network which fell in accordance with the NFT trades on the network.As a result of these events, the number of short positions taken against ETH began to increase. Coinglass’ data showed that the percentage of short positions taken against Ethereum rose from 49% to 51% in the past month.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BTC and ETH see declining whale interest, is another bear cycle imminent?Bitcoin’s total number of whales reached a three-year low at press time. However, several on-chain metrics favored the bulls and suggested an uptrend. Santiment’s analyst, in a 3 March YouTube stream, pointed out the dwindling interest of the whales in Bitcoin [BTC] and Ethereum [ETH]. As BTC’s price increased a few days ago, whales continued […]
Read more »

Ethereum [ETH] traders embrace higher leverage to boost earningsETH’s latest liquidations indicate a bullish bias among investors. The king alt is back to uncertainty amid a fall in demand and sell press pressure. ETH is experiencing a surge in leverage trades following the volatility and demand slowdown since early February. A contrast to its performance in January, but recent observations suggest an increased […]
Read more »

Voyager sells ETH; should short-term Ethereum holders be worried?Voyager currently holds nearly 148,774 ETH, over $57 million worth of SHIB, and 1.44 million LINK. ETH accumulation increased and metrics remained bullish. Twitter account Lookonchain revealed an interesting transaction that happened on 5 March 2023. As per the tweet, Voyager continued to dump its holdings as it sold 1,449 Ethereum [ETH], worth over $2 […]
Read more »

Institutional investors are looking beyond BTC, ETH, says Coinbase execInstitutional investors may be more open to crypto assets other than Bitcoin (BTC) and Ethereum (ETH), says David Duong, Head of Institutional Research, at Coinbase. According to Duong, nearly half of all institutional flows on Coinbase are directed toward assets other than BTC and ETH. He made these comments during a live chat with crypto […]
Read more »

Ethereum [ETH] could be set for another round of explosion, only if…ETH’s short-term recovery could depend on the USD and interest rates trend. Technical indicators suggest short-term consolidation. The first few days of March have failed to give Ethereum [ETH] holders a much-desired breather. Despite the reality of despair, any hope for respite could depend on one condition, according to Chris Burniske. The ex-crypto investment head […]
Read more »

Solana: Outage FUD subsides, should you expect better performance in March?Solana’s daily active users recovered handsomely since the outage-induced FUD subsided. The number of long positions for SOL jumped over the last few days. The Solana [SOL] ecosystem saw a significant uptick in its daily active addresses, eclipsing other big chains like Ethereum [ETH] and Polygon [MATIC]. This behavior was supported by readings from Token […]
Read more »