In a recent development reported by Glassnode, Ethereum has achieved a significant milestone as the Total Value locked in the ETH 2.0 Deposit Contract surged to an all-time high of 28,019,877 ETH. This landmark underscores the growing confidence in Ethereum’s transition to a proof-of-stake consensus mechanism. 

#Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 28,019,877 ETH

View metric:https://t.co/SzbMPqvhlb pic.twitter.com/Bvfly88Sds

— glassnode alerts (@glassnodealerts) August 24, 2023

Simultaneously, Ethereum’s perpetual futures market has experienced a contrasting trend, with Open Interest hitting a 13-month low of $1,282,694,452.42 on Binance.

Navigating Perpetual Futures and Asset Locking

Perpetual Futures Contracts, renowned for their distinctive characteristic of lacking an expiry date, have long been a staple in the financial landscape. These contracts create a binding agreement between buyers and sellers, mandating the sale of an asset on a fixed future date at a predetermined price, irrespective of the asset’s market value at that time.

The Ethereum community witnessed a similar 13-month low in perpetual futures Open Interest just a few days ago, on August 23, 2023, at $1,283,378,499.67. This recurrent pattern suggests potential shifts in market sentiment and trading strategies.

#Ethereum $ETH Open Interest in Perpetual Futures Contracts just reached a 13-month low of $1,282,694,452.42 on #Binance

Previous 13-month low of $1,283,378,499.67 was observed on 23 August 2023

View metric:https://t.co/5xWRoSKP3f pic.twitter.com/C2mu5dQ1Os

— glassnode alerts (@glassnodealerts) August 24, 2023

Active Supply Metrics and Market Performance

Another noteworthy report from the Ethereum ecosystem reveals that the Amount of Supply Last Active 1m-3m (1-day Moving Average) has reached a month-long nadir of 9,663,000.605 ETH. This data offers insights into short-to-medium-term holding patterns among Ethereum investors, which can influence market liquidity and price dynamics.

Against this backdrop of data-driven insights, Ethereum price is trading at $1,650.51, accompanied by a 24-hour trading volume of $5,309,161,791 on CoinMarketCap. The cryptocurrency has experienced a 2.26% dip in the last day, reflecting the inherent volatility in the crypto space.

Ethereum is the second-largest cryptocurrency by market capitalization, with a live cap of $198,414,560,131. Its circulating supply stands at 120,214,162 ETH.

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Crypto News: Coinbase’s Wrapped Staked ETH, or more commonly known as cbETH, has gained significant momentum since its launch. However, Coinbase recently received more than 53,400 ETH, out of which the majority were moved from the Coinbase’s cbETH deposit address — that may be related to the fact that ETH staking was terminated.

Coinbase Witnesses Massive ETH Inflow

On Monday, the cbETH deposit address 0xc7…a019 saw a massive withdrawal of 44,000 ETH to the Coinbase 10 wallet address, as per the data obtained from CryptoQuant. This suggests that people have been terminating their ETH staking contract, which further indicates a building sell pressure for Ethereum.

A wrapped cryptocurrency, such as cbETH, is a crypto token that symbolizes another cryptocurrency that has been “wrapped” or “locked up” in a digital smart contract. Coinbase developed the ERC-20 utility token to serve as a representation of Ethereum 2.0 (ETH2) which could be obtained by staking ETH tokens on the platform.

Read More: Over 1 Billion Hedera Tokens Set To Unlock On June 1, Major HBAR Price Drop Ahead?

Moreover, because cbETH is a liquid token, there is no lock-up time and the token may be used for additional DeFi operations such as lending, swapping, and providing liquidity  — all of which can be done directly from the Coinbase Wallet.

Stakers Withdraw Rewards, Not Principal

The Shanghai upgrade made it possible for Ethereum speculators to finally withdraw their funds from the mainnet. Some individuals have been holding off on doing so ever since the staking option was initially made available in December 2020.

Since Ethereum’s long-awaited “Shapella” upgrade, most stakers and entities who have staked Ether have withdrawn incentives rather than their principal. According to TokenUnlocks, staking incentives accounted for more than 172,000 Ether, or more than 95% of withdrawals. Users who had completely stopped staking and would no longer take part in Ethereum’s consensus mechanism — which is used to arrange and confirm transactions — made up the remaining 5%, which was their initial stake.

In the wake of this crypto news, the price of ETH is currently exchanging hands at $1,826.91, which represents a gain of 1.31% over the past 24 hours, compared to a drop of 1.92% recorded over the preceding seven days.

Also Read: Bitcoin-Ether Correlation Dips Below 80% For First Time In 2 Years, What It Means?

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Crypto Prices Today: The market is trading in red today as Bitcoin, and Altcoins including Ethereum see a decline.

As of writing, Bitcoin price has decreased by 1.03% in the last 24 hours. Ethereum price decreases by 0.89%. Crypto prices today for Cardano fell by 1.65%. XRP is up by 2.96%. Solana price dropped by 5.78%. Polygon is down by 6.06%. Polkadot price dips by 1.82%.

The meme cryptos have been seeing a mixed reaction in the last 24 hours. Dogecoin price slashes by 1.40% whereas Shiba Inu price grew by 2.55%.

The global crypto market cap stands at 997 billion USD, slipping down from the trillion mark, a decrease of 1.48% over the past day. The total crypto market volume in the last 24 hours increased by 1.07% and is currently at 44.84 billion USD.

The top 4 crypto for today are:

1. Ripple (XRP) price rise by 2.96%

XRP Price slips by 2.96% in the last 24 hours and each XRP token is trading for 0.3872 USD. The market cap for this crypto is currently at 19.72 billion USD. Trading volume is up by 24.41% over the last day. Source: coinmarketcap

Also read: Nearly 40,000 Bitcoins Belonging to US Government Are on the Move

2. Cardano (ADA) price dips by 1.65%

With a drop of 1.65% in the Cardano price during the last 24 hours, the market cap for the crypto is at 11.06 billion USD. Whereas trading volume is seeing a rise of 9.43%. Each ADA token is trading for 0.3191 USD. Source: coinmarketcap

3. Polygon (MATIC) price dips by 6.06%

Polygon price is seeing a massive dip of 6.06% in the last 24 hours and each MATIC token is trading for 1.06 USD. The market cap for this crypto is currently at 9.22 billion USD. Trading volume is escalating by 7.02% over the last day. Polygon is an Ethereum layer 2 scalability platform and has been rallying with Ethereum in the past month, however, it is seeing a huge drop today. Source: coinmarketcap

4. Solana (SOL) price dips by 5.78%

Solana price fell by 5.78% in the previous 24 hours. The market cap for this crypto stands at 7.10 billion USD. Each SOL token is trading at 18.55 USD. The trading volume has gone up 41.06% during the previous 24 hours. Source: coinmarketcap

Also read: Silvergate Corp. Plans to Liquidate the Bank and Wind Down Operations

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Ethereum Price Today: The market is trading in red today as Bitcoin, and Altcoins including Ethereum see a decline. As of writing, Bitcoin price has decreased by 0.28% in the last 24 hours. Ethereum price decreases by 0.70%.

The global crypto market cap stands at 1.02 trillion USD, a decrease of 0.77% over the past day. The total crypto market volume in the last 24 hours decreased by 8.27% and is currently at 27.96 billion USD.

Ethereum (ETH) price dips by 0.70%

The second largest crypto, Ethereum price today dropped by 0.70% in the last 24 hours. The market cap for Ethereum is 191.34 billion USD. Moreover, trading volume decreases by 3.31% over the previous 24 hours. Each ETH token is trading for 1,563 USD, holding on to the support level of 1500. Source: coinmarketcap

Also read: Crypto Prices Today: Bitcoin, Cardano, XRP, Polygon, Polkadot Drop By 0.50-3%

The Shanghai upgrade which was all set to be executed by the end of March has been pushed further to April. The launch of the Goerli testnet, which serves as a thorough dress rehearsal for the Shanghai upgrade, is currently scheduled by Ethereum’s developers to take place on or around March 14. 

According to several analysts, the token unlock feature in Shanghai is expected to allow stakers to withdraw their vested tokens from Ethereum’s proof-of-stake smart contract. This may potentially lead to a short-term sell-off event which will make the price of ETH suffer. However, some analysts at leading exchanges think that there would be minimal selling pressure during the upgrade, and ETH withdrawals would be rate-limited. 

Will Ethereum Price fall any further? 

The Binance Research team believes that massive selling during and after the Shanghai upgrade was improbable since only 31% of existing stakers had a profit. The other 69% of ETH stakers were expected to continue staking and receiving rewards until the price of ETH improved. 

The recent news of the potential insolvency of Silveragte Capital, a crypto focused bank, has sent shockwaves to the crypto industry. Following the news, Bitcoin dropped as low as 22k, thus, raising concerns of BTC reaching 20k as well. Ethereum might also possibly fall to 14k, if below that, it will lose the support level at 1400 dipping yet further.

Also read: Dormant Wallet Shifts 10.2K Ethereum Amid Silvergate Debacle; ETH Price Dump Ahead? 

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Ethereum Price News: Ethereum, the world’s second largest crypto, is trading under immense selling pressure due to the increased volatility due to the Silvergate Debacle. Investors look hesitant to reenter the market as Silvergate warned of going out of business in the latest filings. However, a dormant whale wallet was caught moving out of its reserve amid the collapsing market.

Can ETH Whale Lead To Price Dump?

As per the On chain data, a dormant whale wallet moved out 10,266 of its Ethereum reserve in multiple transactions amid the recent price dip. The whale address shifted approx $16 million worth of ETH in a single transaction. Tracker reports that the moved Ethereum was obtained through mining in 2017.

It added that out of moved 10,266 Ethereum, the whale transferred 1,322 ETH (approx worth $2 million) to the Poloniex crypto exchange. However, Ethereum price has taken a hit of around 5% over the past 7 days to trade in the range of $1.6 price level.

After recovering from the Sam Bankman-Fried’s (SBF) FTX fallout, the crypto market saw another major dump in the first week of March. California-based bank, Silvergate Capital Corp decided to halt its digital asset payment network. This comes after the bank highlighted its viability. Read More Ethereum Price News Here…

Shanghai Upgrade To Pump Ethereum?

Ethereum prices are up by 30% on a year to day (YTD) basis. However, ETH price witnessed a slow track over the past 30 days, registering a price decline of 6%. Its 24 hour trading volume has dropped by 2% to stand at $4.78 billion.

However, the Ethereum Network is moving towards a new upgrade, Shanghai hard fork. It is expected that this upgrade will surely impact the ETH price in a positive way. Meanwhile, the developers have again pushed the upgrade to early April.

The stakers are in pursuit to place their bets. Meanwhile, a report depicts that only 16% of the stakers are in profit ever since the staking began.

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The Ethereum community has been waiting with bated breath for the Shanghai hard fork that will occur on the network. The aforementioned improvement is scheduled to take place over the course of the next few months, and its goal is to make it possible to withdraw staked coins. The Ethereum Zhejiang testnet completed the processing of its first ETH withdrawal just the last week, bringing the network one step closer to the official upgrade. However, this raises the fear of a mass dump impacting the price of Ethereum (ETH), which many industry experts anticipate will occur following the opening of the withdrawal option.

Ethereum (ETH) Price To Dump?

Prominent crypto influencer Lark Davis has issued a video warning to users, in which he explains that beginning in March 2023, 16 million Ethereum tokens with a total value of more than $26 billion will be able to be withdrawn. He claims this can lead to a significant sell-off in the crypto market and further disrupt the bullish narrative that ETH is currently witnessing.

Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023

Having said that, he goes on to say that not all of the coins will be accessible all at once. And, in a similar vein, while many people are anticipated to reap gains from selling their Ethereum, Davis predicts that not all holders of ETH will likely sell or dump their holdings. Moreover, he states that the price of ETH was $600 at the time that the stake was placed.

A Good Buying Opportunity?

According to Davis, investors and traders in cryptocurrencies will have an excellent opportunity to make purchases if they take advantage of a market that develops as a result of holders opting to sell their coins when the unlocking feature is activated rather than continuing to stake them.

Given the daily constraints, however, it would take almost a whole year for all of the Ethereum validators to leave the network even if they wanted to. In addition, Davis makes the announcement that, as a part of the staking reward, more than one million coins will be unlocked in three weeks after the unlocking process has begun.

Ethereum staking is “the act of investing 32 ETH to activate validator software,” according to the definition that can be found on the website of the Ethereum Foundation. Nonetheless, there is a workaround to the 32 ETH threshold imposed by the foundation as Ethereum holders can participate and collect rewards without meeting the minimum requirement if they use cryptocurrency exchanges like Coinbase or specialized liquid staking platforms like Lido and RocketPool.

Also Read: Will These New Changes Help OpenSea Outmatch Rival Blur In NFT Race?

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Crypto Prices Today: Bitcoin and other Altcoins are seeing a jump yet again today as Ethereum shoots past the 1700 mark. As of writing, Bitcoin price increases by 3.62%in the last 24 hours. Crypto prices today for Ethereum increases by 2.57%. Cardano price rise by 2.48%. Solana price hikes by 3.71%. 

Polygon is up by 9.05%. Polkadot price jumps by 9.12%. 

The meme cryptos are seeing an increase in the last 24 hours. Dogecoin price jumps by 2.57% whereas Shiba Inu price escalates by 2.43.

The global crypto market cap stands at 1.12 trillion USD, an increase of 3.33% over the past day. The total crypto market volume in the last 24 hours decreased by 11.16% and is currently at 71.49 billion USD.

The top 4 crypto for today are:

1. Bitcoin (BTC) increases by 3.62%

The world’s largest crypto, Bitcoin increases by 3.62% in the last 24 hours, thus, taking the market cap to 475.60 billion USD. Each BTC is trading for 24,649 USD. The crypto is seeing a boost of over 3% and reaches near the 25k mark yet again. Traders are ecstatic about the bitcoin rally as this is the 2nd time in 3 days that the crypto is seeing a jump.

Trading volume in the last 24 hours is down by 1.96%. The dominance of Bitcoin has increased by 0.18% as compared to the previous day and stands at 42.46%. Source: coinmarketcap

2. Ethereum (ETH) increases by 3.62%

The second largest crypto, Ethereum price hikes by 3.62% in the last 24 hours. The market cap for Ethereum is 207.86 billion USD. However, trading volume decreases by 24.33% in the last 24 hours. Each ETH token is trading for 1,698 USD as it already crosses the 1700 mark in the last 24 hours. This is the first time in 5 months that ETH traded at 1700. Source: coinmarketcap

3. Polygon (MATIC) increases by 9.05%

Polygon price is escalating by 9.05% in the last 24 hours and each MATIC token is trading for 1.54 USD. The market cap for this crypto is currently at 13.44 billion USD. Trading volume is hiking by 0.96% over the last day. Polygon is an Ethereum layer 2 scalability platform and has been rallying with Ethereum in the past month as well. Source: coinmarketcap

4. Polkadot (DOT) increases by 9.12%

With an increase of 9.12% in the last 24 hours, the Polkadot price rise, and each DOT token is trading for 7.32 USD. The market cap stands at 8.47 billion USD. Trading volume increases by a massive 71.82% compared to the previous day. Source: coinmarketcap

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Ethereum core developer Tim Beiko on Friday said developer Marius VanDerWijden found a vulnerability with the public test network Shapella. The issue appeared during the full synchronization of empty blocks, which has no transactions or withdrawals.

Other clients also reported the same issue. VanDerWijden said the team found that Go Ethereum (Geth) client nodes facing difficulty syncing with the Zhejiang testnet.

“The last 4 and a half stressful hours of debugging culminated in this amazing bug fix. We got reports that geth nodes wouldn’t sync the Zhejiang devnet correctly. The issue was that if a block body was empty (no tx, no withdrawals) we wouldn’t initialize it correctly.”

However, developers believe the problem can be fixed with a patch as it’s fairly easy to test. In addition, core developer Tim Beiko asserts an additional Hive test is proposed for ensuring the issue is resolved correctly.

Interestingly, Ethereum core developers think the issue likely will not impact the Sepolia upgrade scheduled on February 28 at 4 AM UTC. The client releases for the upgrade and blog on the same will be announced early next week.

Ethereum’s Shanghai upgrade will happen in March which will enable withdrawals of Ethereum staked as well as rewards on the Beacon chain. It is triggered by three testnets Zhejiang, Sepolia, and Goerli.

Shapella refers to two Ethereum upgrades, “Shanghai” and “Capella”, allowing withdrawals on the execution layer and enhancing the Beacon Chain consensus layer. Other changes also reduce gas fees on the network.

Other topics such as 4844 transaction changes, SSZ, RPC, and SELFDESTRUCT improvements were also discussed at Ethereum’s All Core Developers Conference Executive meeting on Thursday.

Read More: How Ethereum Shanghai Upgrade Will Impact ETH Holders?

How the Upgrade Will Impact Ethereum Price

Ethereum Shanghai upgrade is one of the most awaited changes after September’s Ethereum Merge. ETH stakes are waiting to remove their Ethereum staked on the beacon chain.

Moreover, Ethereum staking is rising ahead of the Shanghai upgrade. Ethereum staked on the beacon chain has jumped 16,692,823 and 519,517 active validators. ETH price will fluctuate massively near the upgrade, with experts pointing to a retest of $2,000.

Ethereum price is currently trading at $1,662, down 1% in the last 24 hours and up 8% in a week.

Also Read: US SEC Slaps Lawsuit On Terra LUNA Creator Do Kwon

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Crypto Prices Today: Statements made by the Federal Reserve, which suggest a willingness to raise interest rates or take other actions to control inflation have impacted the crypto market as Bitcoin and a few Altcoins fall today. 

As of writing, Bitcoin price decreases by 3.28% in the last 24 hours. Crypto prices today for Ethereum decreases by 1.43%. Cardano price fell by 3.17%. Solana price slashes by 4.27%. Aptos price drops by 11.37% and is the biggest loser in the last 24 hours. Polygon is up by 3.83%. Polkadot jumps by 1.73%. Filecoin price soared by 18.72% being the biggest gainer in the previous 24 hours. 

The meme cryptos are seeing a decrease in the last 24 hours. Dogecoin price plunged by 2.63% whereas Shiba Inu price dropped by 4.15%.

The global crypto market cap stands at 1.08 trillion USD, a decrease of 2.97% over the past day. The total crypto market volume in the last 24 hours increased by 10.06% and is currently at 80.87 billion USD.

The top 4 crypto for today are:

1. Bitcoin (BTC) decreases by 3.28%

The world’s largest crypto, Bitcoin decreases by 3.28% in the last 24 hours, thus, taking the market cap to 458.20 billion USD. Each BTC is trading for 23,749 USD. The crypto was seeing a boost of over 12% yesterday and reached near the 25k mark. Traders were ecstatic about the massive Bitcoin rally, however, the tough economic conditions seem to be pulling it back. 

Trading volume in the last 24 hours is up by 4.87%. The dominance of Bitcoin has decreased by 0.46% as compared to the previous day and stands at 42.20%. Source: coinmarketcap

2. Ethereum (ETH) decreases by 1.14%

The second largest crypto, Ethereum price falls by 1.14% in the last 24 hours. The market cap for Ethereum is 203.43 billion USD. Trading volume decreases by 2.61% in the last 24 hours. Each ETH token is trading for 1,662 USD as it heads towards crossing the 1700 mark. Source: coinmarketcap

3. Polygon (MATIC) increases by 3.83%

Polygon price is escalating by 3.83% in the last 24 hours and each MATIC token is trading for 1.42 USD. The market cap for this crypto is currently at 12.41 billion USD. Trading volume is hiking by a massive 56.15% over the last day. Polygon is an Ethereum layer 2 scalability platform and has been rallying with Ethereum in the past month as well. Source: coinmarketcap

4. Polkadot (DOT) increases by 1.73%

With an increase of 1.73% in the last 24 hours, the Polkadot price rise, and each DOT token is trading for 6.69 USD. The market cap stands at 7.74 billion USD. Trading volume increases by 18.10% compared to the previous day. Source: coinmarketcap

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Crypto Prices Today: On-chain data confirms that the market is bullish, and today’s price increase may not be a temporary rebound. As of writing, Bitcoin price increases by a massive 11.50% in the last 24 hours. Altcoins are also showing a jump of somewhere between 9-12% in the last 24 hours.

Crypto prices today for Ethereum increases by 9.23%. Cardano price boosts by 6.54%. Polygon price is up by 9.85%. Solana price hikes by 10.21%. Polkadot price jumps by 7.06%.

The meme cryptos are seeing an increase in the last 24 hours. Dogecoin price soars by 4.33% whereas Shiba Inu price is escalating by 6.54%.

The global crypto market cap stands at 1.12 trillion USD, an increase of 8.54% over the past day. The total crypto market volume in the last 24 hours increased by 25.01% and is currently at 73.49 billion USD.

The top 4 crypto for today are:

1. Bitcoin (BTC) increases by 11.50%

The world’s largest crypto, Bitcoin increases by 11.50% in the last 24 hours, thus, taking the market cap to 476.69 billion USD. Each BTC is trading for 24,711 USD. This is the first time since August 2022 that the token has crossed the 24k mark, a high of 6 months. However, for the upward trend to continue, Bitcoin must achieve a daily closing price above $25,000.

Trading volume in the last 24 hours is up by 35.11%. The dominance of Bitcoin has increased by 1.10% as compared to the previous day and stands at 42.65%. Source: coinmarketcap

Also read: Bitcoin (BTC) Jumps 12% Hitting A 6-Month High, Is This A Dead Cat Bounce?

2. Ethereum (ETH) increases by 9.23%

The second largest crypto, Ethereum price jumps by 9.23% in the last 24 hours. The market cap for Ethereum is 207.40 billion USD. Trading volume increases by 27.83% in the last 24 hours. Each ETH token is trading for 1,695 USD as it heads towards crossing the 1700 mark. Source: coinmarketcap

3. Polygon (MATIC) increases by 9.85%

Polygon price is escalating by 9.85% in the last 24 hours and each MATIC token is trading for 1.37 USD. The market cap for this crypto is currently at 11.94 billion USD. Trading volume is hiking by 3.69% over the last day. Polygon is an Ethereum layer 2 scalability platform and has been rallying with Ethereum in the past month as well. Source: coinmarketcap

Also read: XRP Lawyer Hints At Chances Of Ripple Winning SEC Case With A Fine

4.  Solana (SOL) increases by 10.21%

Solana price soared by 10.21% in the previous 24 hours. The market cap for this crypto stands at 8.98 billion USD. Each SOL token is trading at 23.85 USD. The trading volume has gone up by 3.30% during the previous 24 hours. Source: coinmarketcap

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Crypto Prices Today: The consumer price index (CPI) data was released yesterday by the U.S. Department of Labor Statistics which came to be more than expected at 6.2%. However, inflation dropped to 6.4% in the month of January, thus, indicating a cooldown. The market went negative for a while, however, is trading in green now.

As of writing, Bitcoin price increased by 1.86% in the last 24 hours. Ethereum increases by 3.31%. Crypto prices today for Cardano boosts by 8.28%. Polygon is up by 5.58%. Solana price hikes by 3.45%. Litecoin price jumps by 6.50%.

The meme cryptos are seeing an increase in the last 24 hours. Dogecoin price soars by 6.20% whereas Shiba Inu price is escalating by 4.13%.

The global crypto market cap stands at 1.03 trillion USD, an increase of 2.41% over the past day. The total crypto market volume in the last 24 hours increased by 5.20% and is currently at 58.60 billion USD.

The top 4 crypto for today are:

1. Bitcoin (BTC) increases by 1.86%

The world’s largest crypto, Bitcoin increases by 1.86% in the last 24 hours, thus, taking the market cap to 42.72 billion USD. Each BTC is trading for 22,145 USD. Trading volume in the last 24 hours is up by 18.24%. The dominance of Bitcoin has decreased by 0.29% as compared to the previous day and stands at 41.56%. Source: coinmarketcap

2. Ethereum (ETH) increases by 3.31%

The second largest crypto, Ethereum price jumps by 3.31% in the last 24 hours. The market cap for Ethereum is 18.97 billion USD. Trading volume increases by 5.68% in the last 24 hours. Each ETH token is trading for 1,550 USD. Source: coinmarketcap

Also read: Bitcoin (BTC) Reversal After U.S. CPI Data Set To Trigger $25K?

3. Cardano (ADA) increase by 8.28%

With a boost of 8.28% in the Cardano price during the last 24 hours, the market cap for the crypto is at 1.36 billion USD. Trading volume is seeing a jump of 50.99%. Each ADA token is trading for 0.3859 USD. Source: coinmarketcap

4. Polygon (MATIC) increases by 5.58%

Polygon price is escalating by 5.58% in the last 24 hours and each MATIC token is trading for 1.24 USD. the market cap for this crypto is currently at 1.08 billion USD. Trading volume is hiking by 14.76% over the last day. Source: coinmarketcap

Also read: Beware of FTM Price Rally, Fantom Whale Addresses Are Dumping

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Crypto Prices Today: The crypto market is trading in red, as most of the significant coins plunge. As of writing, Bitcoin price decreases by 0.51% in the last 24 hours. Ethereum decreases by 1.21%. Solana dips by 0.40%. Cardano price dips by 1.78%. Polygon price slashes by 3.95%.

The meme cryptos have fallen down in the last 24 hours. Dogecoin plunged by 3.11% whereas Shiba Inu price is down by 4.52%.

The global crypto market cap stands at 1.00 trillion USD, a decrease of 1.27% over the past day. The total crypto market volume in the last 24 hours increased by 31.10% and is currently at 55.68 billion USD.

The top 4 crypto for today are:

1. Bitcoin (BTC) decreases by 0.51%

The world’s largest crypto, Bitcoin decreases by 0.51% in the last 24 hours, thus, taking the market cap to 45.88 billion USD. Each BTC is trading for 21,743 USD. Trading volume in the last 24 hours is up by 17.44%. The dominance of Bitcoin has increased by 0.32% as compared to the previous day and stands at 41.84%. Source: coinmarketcap

2. Ethereum (ETH) decreases by 1.21%

The second largest crypto, Ethereum price plunges by 1.21% in the last 24 hours. The market cap for Ethereum is 183.70 billion USD. Trading volume increases by 41.29% in the last 24 hours. Each ETH token is trading for 1,502 USD. Source: coinmarketcap

Also read: US SEC Could Stop Hedge Funds From Working With Crypto Custodians

3. Dogecoin (DOGE) decreases by 3.11%

The largest meme crypto, Dogecoin price is dipping by 3.11% in the last 24 hours. The market cap now stands at 10.82 billion USD and each DOGE token is selling for 0.08157 USD. Trading volume is down by 22.69% as compared to the previous day. Source: coinmarketcap

4. Solana (SOL) decreases by 0.40%

Solana price decreases by 0.40% in the previous 24 hours. The market cap for this crypto stands at 7.88 billion USD. Each SOL token is trading at 20.95 USD. The trading volume has gone down by 10.87% during the previous 24 hours. Source: coinmarketcap

Also read: Did USDC Issuer Circle Tip Off NYDFS On Binance’s BUSD Irregularities?

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Crypto Prices Today: The market trades partially in green as the situation surrounding the crypto market doesn’t seem to be optimistic. Lido Finance has expressed concerns about DeFi protocol post the SEC’s crackdown on Kraken.

As of writing, Bitcoin increases by 0.24% in the last 24 hours. Solana hikes by 0.99%. Ethereum decreases by 0.98%. Cardano dips by 1.14%. Polygon slashes by 3.11%.

The meme cryptos have jumped up in the last 24 hours. Dogecoin grows by 2.68% whereas Shiba Inu escalates by 0.37%.

The global crypto market cap stands at 1.01 trillion USD, a decrease of 0.27% over the past day. The total crypto market volume in the last 24 hours increases by 28.43% and is currently at 42.62 billion USD.

The top 4 crypto for today are:

Bitcoin (BTC) increases by 0.24%

The world’s largest crypto, Bitcoin increases by 0.24% in the last 24 hours, thus, taking the market cap to 45.88 billion USD. Each BTC is trading for 21,848 USD. Trading volume in the last 24 hours is up by 27.54%. The dominance of Bitcoin has increased by 0.19% as compared to the previous day and stands at 41.52%. Source: coinmarketcap

Solana (SOL) increases by 0.99%

The crypto, Solana increases by 0.99% in the previous 24 hours. The market cap for this crypto stands at 11.35 billion USD. Each SOL token is trading at 21.06 USD. The trading volume has gone up by a massive 192.92% during the previous 24 hours.  Source: coinmarketcap

Also read: Biggest Crypto Staker Lido Expresses Concerns for DeFi Post SEC’s Kraken Crackdown

Ethereum (ETH) decreases by 0.98%

The second largest crypto, Ethereum, plunges by 0.98% in the last 24 hours. The market cap for Ethereum is 186.00 billion USD. Trading volume increases by 29.91% in the last 24 hours. Each ETH token is trading for 1,519 USD. Source: coinmarketcap

Dogecoin (DOGE) increases by 2.68%

The largest meme crypto, Dogecoin is hiking by 2.68% in the last 24 hours. The market cap now stands at 11.16 billion USD and each DOGE token is selling for 0.08418 USD. Trading volume boosts by a massive 222.28% as compared to the previous day.  Source: coinmarketcap

Also read: Binance’s BUSD Stablecoin May Soon Face SEC Enforcement, Here’s Why

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Ethereum price fell over 7% in the last 24 hours due to the U.S. SEC’s regulatory action against crypto exchange Kraken to start a crackdown on crypto staking in the U.S.

Ethereum price is currently trading near the support level of $1,520, almost close to the psychological support level of $1,500. If the ETH price fails to hold the level and breaks below the support, then a fall to $1,400 is the most likely scenario.

Notably, the Ethereum price trend is forming a bearish divergence with RSI. Thus, the correction will continue in the next week. The crypto market is undergoing a correction after a magical recovery in January.

However, cup and handle — a bullish pattern forming in the daily timeframe indicates a move above $1,650. Meanwhile, Ethereum has completed a “golden cross” pattern as 50-MA crossover 200-MA. While there are many conditions on the technical front, the trend is overall bearish.

Traders need to keep an eye on the $1500 psychological level to make their next move, as it is the inflection point for the Ethereum price. A move below $1500 will invalidate the bullish thesis and a move toward $1400 can be seen.

ETH price needs to recover support at $1,550 but even so, it faces a massive supply area near $1,599. On-chain data from IntoTheBlock shows 2.43 million addresses bought 9.19 million ETH between $1,581 and $1,623. This region is likely to keep ETH suppressed over the weekend.

Ethereum Price Under Pressure

Ethereum price is under pressure due to the overall negative sentiment in the market. A massive panic selloff is witnessed across the crypto market in the last few days as U.S. Federal Reserve officials consider more rate hikes to curb inflation.

Moreover, an Operation Choke Point-type action is likely brewing for a coordinated crackdown against the crypto industry by regulators. Crypto businesses might end up completely unbanked, stablecoins may be stranded and unable to manage flows in and out of crypto, and exchanges might be shut off from the banking system entirely.

Also Read: US SEC’s Gary Gensler: This Is Only Way Crypto Companies Will Survive

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Crypto Prices Today: The crypto market recovers slightly after crashing following the breakdown of the SEC on Kraken, which then ended up shutting its skating program. Ethereum falls by 1.31% in the last 24 hours.

As of writing, Bitcoin is down by 0.62% in the last 24 hours. Solana continues to dip and falls by 1.80%. Cardano and Polygon make a comeback and trade in green as they jump by 1.32% and 0.59% respectively. Litecoin hikes by 2.10%.

The meme cryptos, Dogecoin is up by 0.11% whereas Shiba Inu soared by 3.15% in the last 24 hours.

The global crypto market cap stands at 1.01 trillion USD, a decrease of 0.24% as compared to the previous day. The total crypto volume in the last 24 hours has decreased by 28.23% and is at 53.14 billion USD.

The top 4 crypto for today are:

Bitcoin (BTC) decreases by 0.62%

The world’s largest crypto, Bitcoin, falls by 0.62% in the last 24 hours. The market cap for Bitcoin currently stands at 418.72 billion USD. Trading volume is down by 16.47% in the last 24 hours. Each BTC token is trading for 21,706 USD. Source: coinmarketcap

Ethereum (ETH) decreases by 1.31%

Ethereum, the second largest crypto is down by 1.31%. Ethereum is currently trading near the $1,520 support level, which is close to the psychological support level of $1,500. If the ETH price fails to hold the level and falls below the support, the most likely scenario is a drop to $1,400. Trading volume slashes by 20.51% over the last 24 hours. The market cap stands at 186.00 billion USD. Source: coinmarketcap

Solana (SOL) decreases by 1.80%

Soalana falls by 1.80% in the last 24 hours and the market cap for the crypto stands at 7.61 billion USD. Each SOL token is trading for 20.28 USD. Trading volume is down by 28.55% over the last day. Source: coinmarketcap

Shiba Inu (SHIB) increases by 3.15%

Shiba Inu rises by 3.15% in the last 24 hours. The market cap for this meme crypto has gone up to 6.95 billion USD. Trading volume is slightly up, by 0.22%. Each SHIB token is trading at 0.00001263 USD. Source: coinmarketcap

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ETH staking on Ethereum’s proof-of-stake Beacon Chain continues to rise ahead of the Shanghai upgrade expected in March. As per the current on-chain data, 16.16 million ETH worth $26.41 billion have been deposited into the Beacon Chain.

Staked Ethereum On Beacon Chain Reaches Over 16 Million

According to Glassnode on-chain data, 16.101 million ETH is staked on the Ethereum proof-of-stake Beacon Chain. Over 16 million ETH staked constitutes 13.4% of the circulating supply.

As per Etherscan data, 16.16 million ETH worth about $26.41 billion have been deposited into Ethereum’s Beacon Deposit Contract.

Moreover, 11.408 million ETH staked is through staking service providers, representing 70.86% of the total staked on the Beacon chain. Lido dominates ETH staking with 29.3%, followed by Coinbase with 12.8%, Kraken with 7.6%, and Binance with 6.3% of total staked.

Data from Nansen indicates the number of unique staking depositors stands at roughly 93,800. Data sourced from BeaconScan shows that the number of active validators is about 503,702.

While increasing ETH staking on the Beacon Chain indicates signs of Ethereum security and adoption, Ethereum core developers need to enable withdrawals to maintain a balance on the network.

Meanwhile, several participants will also look to withdraw staked ETH after the Shanghai upgrade. However, the withdrawals are likely to happen in stages and validators will be rewarded for re-staking. Thus, it ensures a balance in the network.

Developers are also working on making Ethereum less centralized as some staking providers such as Lido dominates in ETH staking.

ETH Price Moving Higher

Ethereum (ETH) price is currently trading at $1,636, trading sideways in the last 24 hours. The 24-hour low and high are $1,612 and $1,658, respectively. Furthermore, the trading volume has decreased by 18% in the last 24 hours, indicating a decline in interest among traders.

Ethereum staking has been increasing amid the recent ETH price rally. ETH price has rallied nearly 40% since the start of the year. ETH price is likely to jump higher after the Shanghai upgrade.

Also Read: 5 Ethereum Stocks To Indirectly Reap The Benefits Of Ether’s Surge

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In the lead up to the Ethereum Merge, traders appear to be in the accumulation phase. While a section of Ethereum traders anticipate a price drop ahead of the Merge, the buying spree continues as more Ethereum validators emerge. The upcoming Merge will mark a shift of the network from proof of work to the proof of stake mechanism. Meanwhile, the Ethereum (ETH) price dropped massively in the last few days.

Ethereum Validator Pool In The Making

As the price dropped below $1,500, ETH traders seem to be preparing for post Merge activities. In the new consensus mechanism, traders will need a minimum of 32 ETH to activate their own validator. In this context, Glassnode data on number of Ethereum addresses holding over 32 ETH looks interesting. The number of such addresses is currently the highest in an year and a half.

“Ethereum number of addresses holding 32+ ETH just hit a 18 month high.”

In the proof of stake mechanism, miners are replaced with validators. Validators stake a pre-determined amount of 32 ETH to get a chance to publish a block. Hence, the higher the number of addresses with over 32 ETH now, the higher the chances of more validators post Merge. The ETH price, on the other side, is showing high volatility these days. From a high of over $1,700 just few days ago, the cryptocurrency reached a low of below $1,440. As of writing, ETH price stands at $1,482, down nearly 3.50% in the last 24 hours, according to price tracker CoinMarketCap. Earlier this month, the cryptocurrency reached a high of over $2,000.

ETH Whale Accumulation

The much anticipated event in the crypto ecosystem, the Ethereum Merge, is set to happen around September 15. With increasing whale accumulation of Ethereum before the shift to proof of stake, adoption for Ethereum 2.0 would be easier. It remains to be seen in the near future post Merge, if the ETH whales would try to pull down the price to accumulate more.

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Crypto exchange Binance has already indicated support for Ethereum Merge, slated to occur next month. In a recent highlight of events, Binance has provided an update on what users should expect when The ETH Merge greets them. This includes suspension of deposits and withdrawals of ERC-20 tokens.

Binance will suspend deposits and withdrawals on September 6th and 15th

In an announcement on Thursday, Binance provided a notice regarding Ethereum Merge. Basically, Binance noted that it would be taking steps to mitigate the risks that the upgrade would bring. The exchange listed a series of actions it would take when The Merge eventually occurs.

Binance mentioned that it would be suspending deposits and withdrawals of ETH and all ERC-20 tokens. This suspension will occur on two occasions, during the Bellatrix consensus layer upgrade and the Paris execution layer upgrade. Both upgrades are likely to respectively occur at 11 AM (UTC), on September 6; and at 12 AM, September 15.

Furthermore, the exchange noted that it would resume normal deposits and withdrawals post-Merge if Ethereum Merge does not result in the creation of any new tokens. However, if separate chains are formed, Binance said it would use the ”ETH” ticker for the PoS chain. Additionally, the exchange will credit users’ accounts with the forked token at a 1:1 ratio. The snapshot taken before the Paris execution layer will determine the distribution.

Will Binance support Ethereum PoW Fork (ETHPoW)

Speaking further, Binance noted that spot trading for ETH and ERC-20 tokens will continue unaffected. Furthermore, while margin trading will continue, the exchange will pause borrowing on September 14th and 16th at midnight (UTC). Additionally, ETH Futures Trading will continue, but Binance will adjust a few parameters to mitigate risk due to high volatility.

All other services with ETH will continue unaffected. Nonetheless, Binance will suspend ETH borrowing and deposits and withdrawals of BETH (staked ETH on Binance). In addition to this, post-Merge, the Binance Pool will remove the ETH mining service.

Binance recently announced zero fee trading for the ETH/BUSD pair, as the Merge approaches. On August 10, the exchange also announced that it would support Ethereum Merge. Nonetheless, the exchange also noted that it is not completely ruling out support of “new forked tokens.”

Recall that Chandler Guo, prominent ETH miner, mentioed that he would be forking the Ethereum chain again. This would birth ETHPoW—a forked chain that would retain ETH mining post-Merge.

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Bitfinex rolls out plans to support the Ethereum PoW (ETHPoW) fork ahead of The Ethereum Merge. Several big names in the industry have declared support for the imminent fork to the Ethereum blockchain post-Merge. Bitfinex is the latest in line to join in the bandwagon.

BitFinex Derivatives launches ETH CST to support the ETH fork

Through a media release on Tuesday, BitFinex unveiled the launch of New Chain Split Tokens (CSTs) on Ethereum. iFinex Financial Technologies, a subsidiary of iFinex Inc, was responsible for the launch. iFinex Financial Technologies handles the operations of BitFinex Derivatives.

With the launch of the Ethereum CST, users will have the opportunity to trade both the ETHPoW fork and the ETH PoS tokens resulting from The Merge on the BitFinex Derivatives platform. Both tokens will be separate and also available in trading pairs, the release notes. The tokens will have the tickers ETHS (PoS) and ETHW (PoW).

Speaking on the matter, Paulo Ardoino, BitFinex Derivatives’ CTO, said,

We are delighted to provide our users access to these new Ethereum Chain Split Tokens to help prepare for all eventualities as we approach the Ethereum Merge.

Additionally, BitFinex Derivatives’ Product Manager, Jag Kooner, highlighted the necessity of the move. According to Kooner, the team is looking to provide users with the best experiences on the exchange. Kooner also advised customers to provide feedback on product designs such as this one.

The reality of the Ethereum PoW appears imminent

Having started out as a simple idea, the ETHPoW fork appears to be getting more support as The Merge approaches. On July 27, Chinese miner Chandler Guo revealed plans to fork ETH “again” via a tweet. It is important to note that Guo was one of the brains behind Ethereum Classic (ETC)—another fork of Ethereum.

The movement has since gained traction, with a team already formed. Support has come from several entities in the industry, including Tron’s Justin Sun, Poloniex and Huobi. On August 8, BitMex announced the launch of the ETHPoW margin trading with a Tether pair. Although Binance has not indicated support for the fork, it noted that it was not completely ruling it out.

Amidst all this, the reality of the ETHPoW appears imminent. Two weeks back, the ETHPoW team published an open letter, indicating that the fork was “inevitable.” According to the team, they removed the ETH difficulty bomb on the forked version. This comes as a direct defiance to proponents, including the ETC Cooperative, who have asked Guo to abandon the dream.

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The Ethereum (ETH) Merge is a month away, and the entire crypto community awaits the revolutionary event. In anticipation, most investors have taken to stacking up ETH tokens, awaiting the positive price action The Merge will influence. However, an analyst has highlighted why purchasing ETH at this point in time is a bad idea.

Ran NeuNer believes the upside of ETH is almost priced in

Ran NeuNer, analyst and anchor of crypto YouTube channel Crypto Banter, taking to YouTube, analyzed the current state of the crypto markets. NeuNer highlighted a few recent trends, including the Ethereum Merge, the hype around it, and the growing interest in ETH.

NeuNer admitted that the Ethereum ecosystem is “amazing,” and its transition to PoS is a welcome development. However, he noted that holding ETH within this period could send investors underwater.

NeuNer mentioned that it is true that ETH’s price is going to “run” due to The Merge.

But at some point, you get to a point where the upside and the downside are asymmetrical,

he said.

He pointed out the pattern of rallies ending when the community least expects them to and Ethereum is already staging a rally. According to NeuNer, the rally could last another week or two before eventually losing steam.

Analyst Galois Capital shares the same sentiments as NeuNer

NeuNer believes that money is going to start flowing out of Ethereum once the rally loses its momentum. He says this is likely to occur because at such a point, the asset’s upside would have already priced in. Additionally, he further noted that investors could develop anxiety due to concerns of The Merge not working as expected.

He said this is the period when everyone is talking about buying ETH due to Ethereum Merge. According to him, there will come a time when the community will talk about selling, and this could build sell pressure. To buttress his point, NeuNer cited fellow analyst Galois Capital who shares the same sentiment.

Taking to Twitter, Galois Capital noted that he would be shorting ETH while he longs BTC in the same proportion. Galois Capital is one of the market watchers who predicted Terra’s downfall and ETH futures backwardation.

At the time of writing, ETH has shed 4% of its value in the past 24 hours to trade at $1,899. Despite this 4% drop, the asset has gained by 6.36% in the past week. Nonetheless, the weekend rally appears to be losing steam. Now, whether NeuNer is right or not remains to be seen. The community still anticipates The Merge, and market watchers are waiting to see how it will affect ETH’s price.

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