Ethereum 2.0 Deposit Contract Hits New All-Time High of 13.9M ETH

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Ethereum and the larger market continued to see red signals in terms of price after witnessing short-term gains. However, despite the cautionary tales and price headwinds, stakers and holders continued to build the post-Merge Ethereum castle.

In the years leading up to the Ethereum blockchain’s historical shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS), the optimistic anticipations from price failed to pan out. The much-anticipated Merge went live on September 15 — just two days after the United States CPI data which pulled ETH’s price down by close to 20% in the two days leading up to the Merge. 

Nonetheless, on-chain activity pointed towards a healthier picture in quite a few spheres for the top altcoin network. 

Growing investor confidence 

Recent Glassnode data presented that over 11.36k validators have come online in September alone, signifying growing investor confidence as technical challenges of the Merge de-risked.

ETH Active Validators Source: Into The Block 

In the near term, if bulls can push ETH price to break through the $1,542 supply wall, the next crucial area of resistance will be at the $2,500 mark, where 6.6 million addresses had previously purchased 22.5 million ETH. 

However, in case of another headwind, ETH’s price could fall down to the $1,200 support level. 

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

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