Since the Shapella upgrade, Ethereum’s (ETH) price has been significantly below what the community had anticipated. Despite maintaining a critical support level at $1,800, the price of ETH has recently been pegged at $2,000 and has yet to cross what are regarded as the most critical price points.
Ethereum is now trading at $1,833.20, a decrease of 0.86% over the previous 24 hours. In the week-to-date (WTD) period, Ethereum has continued to experience a suppression. The coin has risen little in value throughout this period, by 0.47 percent.
On-chain experts using the Twitter handle @ali_charts have identified a potential cause of Ethereum’s ongoing price stagnation. Using Santiment data, it can be shown that over the past two weeks, Ethereum whales that possess 1,000 to 10,000 ETH tokens have been selling off their holdings.
The data revealed that a total of 100,000 ETH tokens had been offloaded during this period. The results demonstrate that the Shapella improvement made it easier for more individuals to sell their long-locked asset, even though the offloading was only vaguely defined.
Ethereum and its ecosystem’s advantage
In terms of Ethereum, the development of its ecosystem gives it a highly promising edge. The succession of forthcoming improvements also supports the Ethereum blockchain’s promising future while Layer 2 protocols increase overall network positivity.
The price of Ethereum has grown faster than expected so far this year. Ethereum was expected to surpass $1,500 earlier in the year, yet it not only outperformed this price point over time but also beyond it.
The second-largest blockchain system in terms of valuation and the largest in terms of smart contract hosting, Ethereum, has retained its position. Overall, its price stagnation is viewed as a transient phenomenon that might end at any time.
