Despite a significant erosion in the realized value of Ethereum (ETH) over the past ten weeks, Ethereum stakers and long-term holders remain committed to the altcoin. The mounting pressure hasn’t deterred them as they are anticipating a recovery in the ETH’s price. As the Ethereum Shanghai upgrade and ETH token unlock event are drawing close, stakers are pouring the altcoin in the ETH2 deposit contract.
Staking According to experts from crypto intelligence tracker Santiment, Ethereum 2.0 stakers have seen an erosion of realized price over the past 10 weeks. Analysts at Santiment note that long-term stakers are down an average of 31%. Despite the unrealized losses, the volume of staked ETH continues climbing. The total number of Ethereum tokens deposited in the contract has climbed to 17.52 million, based on data from crypto intelligence tracker Nansen.
The Ethereum network recently surpassed 1.9 billion transactions, marking an important milestone for the altcoin’s journey. Ethereum staking has emerged as a popular trend in recent times. It involves locking up a certain amount of Ether for a set period of time to support the network’s operations and earn rewards. With the launch of Ethereum 2.0, staking has become more accessible to a wider audience.
ETH Market Performance
Over the past ten weeks, the realized value of Ethereum has eroded. However, despite this, ETH market participants remain optimistic about the altcoin’s prospects. There are several factors that could contribute to a potential recovery in the ETH’s price. One of these is the upcoming Ethereum Shanghai upgrade, which is expected to introduce several improvements to the network. Additionally, the ETH token unlock event is also drawing close, which could result in increased demand for the altcoin.