Ethereum would introduce Protco Danksharding in the coming months.
The amount of revenue generated by ETH validators dropped 26% over the past month.
The broader market is undoubtedly reeling from the selling pressure. But according to the Ethereum Foundation roadmap, the near future looks very interesting for ETH holders. Well, thanks multiple updates and developments to be made to the network over the next year.
Read Ethereum’s Price Forecast 2023-2024
Hit the road (map)
One of the most important updates on the Ethereum network would be the introduction of withdrawals.
Well, recordings for most stakeholders would launch in late March, while testing would begin in January and February.
The talk of enabling withdrawals has led to some FUD (fear, uncertainty and doubt). Many users are concerned that a large number of strikers would withdraw their stakes ETH. This, in turn, can negatively affect the price of the altcoin.
It is important to note that a majority of ETH’s interest came before 2022, mostly in the bull market. And interestingly, these bets come from HODLers.
Despite the fact that withdrawals are possible, longtime Ethereum HODLers cannot withdraw their ETH anytime soon.
That said, Ethereum would also introduce Protco Danksharding. This update would make L2 transactions exponentially cheaper. And, in turn, help scale the Ethereum network even further.
These updates may be one of the reasons why the validators on the Ethereum network continue to support Ethereum.
The image below shows that the number of validators on the Ethereum network continued to increase. Their number has grown by 4.53% in the last 30 days.
The validators’ support was shown despite their declining revenues. According to Staking Rewards, the amount of revenue generated by the validators has dropped 26% in the past month.
Along with the validators, retail investors showed interest in Ethereum. Consider this: the number of addresses with more than 0.01 coins has exploded in recent months.
In conjunction with this, activity on Ethereum also increased. According to data from glass nodethe number of transfers grew and reached a 4-month high of 24,000 transactions.
Despite these positive developments, traders’ sentiment around Ethereum remained negative.
Traders remain sceptical
Coinglass data showed that the number of short positions against Ethereum had continued to increase in recent weeks.
At the time of writing, 51.84% of the top traders on Binance had short positions against Ethereum.
However, it remains to be seen whether Ethereum can perform well in the coming quarter.
This post What Ethereum [ETH] holders can expect in 2023 and beyond?
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