Ethereum (ETH) whales have accumulated large amounts of ETH ahead of the Ethereum Shanghai upgrade, allowing for staked ETH withdrawals. This development has increased the number of non-zero addresses for Ethereum, which has reached an all-time high.
In the last 24 hours, Whale Alert has reported several transfers of ETH from crypto exchanges to wallets, including transfers of millions of dollars worth of ETH from Bitfinex. The number of ETH withdrawals from crypto exchanges has also hit a three-month high.
The Ethereum Shanghai mainnet upgrade is scheduled for April 12, and the ETH staked on the Beacon chain has jumped to $31.31 billion. This has made crypto analysts increasingly bullish on ETH, with many predicting it could break the $2,000 mark.
Crypto whales, or individuals who hold large amounts of cryptocurrency, are often seen as key players in the market due to their ability to influence prices through their actions. Their accumulation of ETH ahead of the Shanghai upgrade suggests that they anticipate a significant price increase.
While the future of ETH is uncertain, the market seems to be reacting positively to the news of the upcoming upgrade. This is a notable change from the recent dip in the cryptocurrency market, primarily driven by fears of regulatory crackdowns and market corrections.
Investors and traders will be watching closely in the coming weeks to see if the Ethereum Shanghai upgrade will have the impact many expect. With the number of non-zero addresses for Ethereum hitting an all-time high and the ETH staked on the Beacon chain reaching unprecedented levels, the market seems to be positioning itself for a bullish run on ETH shortly.
The Ethereum Shanghai upgrade is a highly anticipated event in the cryptocurrency world, and its impact on the price of ETH remains to be seen. However, the recent activity by crypto whales and the increase in non-zero addresses for Ethereum indicate a significant interest in the network and its potential.
Some experts believe the Ethereum network will be vital in developing decentralized finance (DeFi) and the metaverse. As such, ETH is considered by many to be a solid long-term investment.
However, the cryptocurrency market is notoriously volatile, and investing in any digital asset carries significant risk. Investors should exercise caution and conduct thorough research before making investment decisions.
With the Ethereum Shanghai upgrade just a few weeks away, it will be interesting to see how the market reacts and whether the activity by crypto whales continues. In the meantime, ETH holders and investors will keep a close eye on the cryptocurrency’s price and its potential for growth in the coming months and years.
