Ethereum [ETH]: Dipping prices, rising negative sentiments and everything in between

The number of active validators on the proof-of-stake network of Ethereum declined considerably after the Shapella upgrade was implemented on 12 April.

Information obtained from the on-chain data provider put the active validator count on the network at 562,941 on 12 April. Just 24 hours after the Shanghai upgrade went live, this fell to 561,655, where it has since remained.

Observed on a 30-day moving average, the total number of validators that voluntarily exited Ethereum’s validator pool since Shapella rose significantly by over 400%.The continued decline in active validator count on the Ethereum POS network is due to a rally in the withdrawals of previously deposited ETH coins by some validators on the network.

Following the Shapella upgrade, validators that had previously secured the network with more than 18 million ETH were free to initiate withdrawals, which some of them did.dashboard, 10,675 validators were scheduled for full exit in the last hour at press time.Many expected ETH’s value to dip significantly once Shapella went live due to increased withdrawals and sell-offs to make a profit by those who had initially staked their ETH coins.

Conversely, whales that hold between 1,000 and 100,000 ETH coins have taken a risk-averse approach and dumped some of their ETH holdings. Data from Santiment revealed that their number has gone down by 1% since Shapella.Further, while the ephemeral jump in ETH’s value following the Shapella upgrade caused market sentiment to turn positive on 14 April, the price decline caused the alt’s weighted sentiment to return to negative territory, where it has since remained.

At press time, this was -1.172. With persistent negative sentiment lingering in the market, any significant spike in ETH’s price might be hard to come by.

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