The continuation of Ethereum’s highs; Can the upward trend continue?

So far, more than one million Ether units worth $2.1 billion have been withdrawn from the Ethereum network in the first 4 days after the Shapla hard fork. At the same time, the price of Ethereum has risen above $2,100 for the first time in 11 months, but how far can the uptrend continue?

According to Cointelegraph, beaconcha.in website data shows that while about 1.038 million Ethereum has been withdrawn through more than 483,500 requests; On Saturday, April 15 (26 Farudin), we have seen the highest withdrawal amount of 392,800 Ethereum.

Currently, about 87% or 469,000 of the 540,000 active validators can withdraw their staked Ethereum.

While community members disagreed on the impact of the selling pressure caused by the Shapela hard fork, the price of Ethereum has increased by nearly 10% in the first 4 days.

These figures come as no surprise to Lachlan Feeney, CEO of blockchain consulting and development firm Labrys. He explained that many validators are reinvesting Ethereum in Beacon China.

In fact, much of the Ethereum that has been lifted in the past few days can be traced back directly to the China Beacon; Because validators are looking for compound interest, to the extent that the net investment balance is already increasing.

Finney explained that many early adopters were looking to withdraw their Ethereum due to the current macroeconomic conditions and after nearly 30 months of waiting.

Finney believes that Shapela’s hard fork will in the medium to long term lead to growth in the amount of Ethereum staked, which could boost Ethereum at the consensus level.

Since Shapla is a de-risking event, it will make Ethereum more profitable in the medium to long term. We predict that we will reach a new record for the amount of Ethereum staked in the not too distant future.

Markus Thielen, head of research at crypto financial platform Matrixsport, explained that the shutdown of the Kraken exchange’s staking service may have played a role in the increase.

It seems that the main reason for this is the closure of Kraken’s stocking department. This will only have a temporary effect; Because we continue to see a significant increase in demand from investors who can now invest with a better view of the liquidity of deposited Ethereum.

Thielen expects a large amount of Ethereum mined from Kraken to be re-staked into Beacon China via other platforms.

While he predicts Ethereum’s bull run to stall this week amid increased selling pressure, he believes Shapela’s hard fork will eventually entice more institutional investors to invest.

The amount of Ethereum withdrawn from the threshold of one million tokens is 500% more than the forecast of the analysis company Glassnode on April 11 (April 22), which estimated that only 170,000 Ethereum will be withdrawn within a week after Shapla’s update.

Meanwhile, Nansen’s prediction was a bit more accurate. The company estimated that 1.4 million Ethereum would be withdrawn in the first few days after the update.