Shapella Upgrade Approaching Final Launch Phase
Ethereum has reported in a recent blog post that its Shapella mainnet upgrade is moving closer to its final launch phase after undergoing thorough testing and development. The much-anticipated upgrade will include several new enhancements, with the highlight being the consensus layer and stakeholder withdrawals.
Withdrawal Eligibility
Existing validators will be able to make full withdrawals, while active validators with balances over 32 ETH will be entitled to partial withdrawals. As excitement builds around Shapella, the accumulation of ETH has been on the rise with the number of addresses holding 0.01 or more coins reaching a 6-month high of 22,907,244.
Futures Market Demand
Not only has ETH accumulation increased, but demand in the futures market has also been growing. ETH’s open interest in perpetual futures contracts hit a 1-month high of $290,732,090 on Deribit.
Current Market Status
Unfortunately, ETH’s price action has not been in favor of investors as of late, with its weekly chart showing a decline. However, as the Shapella launch draws near, the possibility of a bull run cannot be ruled out, with Messari also predicting the same as Ethereum’s moving averages form golden crosses. The daily chart shows that bulls are in control, with the 20-day Exponential Moving Average (EMA) above the 55-day EMA.
Can Metrics Predict the Future of ETH?
Data from Glassnode, along with other metrics, indicates that the future looks bright for ETH. For instance, ETH’s exchange outflow has spiked significantly, which is a bullish sign. Additionally, the decrease in ETH’s exchange reserve suggests lower selling pressure, and the high Binance funding rate reflects its demand in the derivatives market. Although ETH’s development activity is on the rise due to the upcoming upgrade, its MVRV Ratio has declined, which may cause trouble in the near future.