Main navigation

Ethereum (ETH) Forms Crucial Support as This Network Event Lies in Wait: Details

Tue, 04/18/2023 - 15:10
article image
Godfrey Benjamin
Ethereum has more validators pushing to stake Ether, trend that can create scarcity
Ethereum (ETH) Forms Crucial Support as This Network Event Lies in Wait: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The Ethereum (ETH) protocol's Shapella upgrade is notably paying off in more ways than imagined. At the moment, the digital currency is trading at a price of $2,111.64, according to data from CoinMarketCap. At this point, the digital currency has formed a strong support around the $2,000 price range in what appears to be a crucial point to chart a sustained upward rally.

While Ethereum is still in the process of transforming into a fully functional proof-of-stake (PoS) protocol, the recent Shapella upgrade might lend some additional momentum to the growth of the protocol than earlier projected.

According to Messari Researcher Tom Dunleavy, there are about 6,000 validators on the Ethereum network that are patiently waiting to stake Ether on the protocol.

Notably, the Shapella upgrade has ushered in the freedom to stake and unstake at will, and we are bound to see more validators making their way into the ecosystem.

While there are rewards to be reaped from staking, the sheer scarcity it will drive in the supply of Ethereum is considered a crucial selling point that can help drive the price of the token to new heights.

Prominent Trader Andrew Kang Updates His Price Targets for Ethereum and Bitcoin

Ethereum and Bitcoin dominance

Despite its latest upgrades and higher protocol utility, Ethereum is still somewhat subjected to the dominance of Bitcoin (BTC) in the industry. At the moment, there seems to be a break in both digital currencies' price correlation.

While Ethereum is up by 1.50% over the past 24 hours, and by more than 10% in the week-to-date (WTD) period, Bitcoin has only managed a 0.74% growth WTD. This slowing correlation is good for ETH as its whales can easily aid its push-up through targeted buy-ups.

Riding on its current outlook, Ethereum will look to build on its multi-month growth recorded earlier this week.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.