Validators on Ethereum [ETH] could be very important to the future of the network. On February 6, new data showed that, even during the bear market, the number of new validators added to the network stayed the same.
So, even though the market was unstable, there was still interest. The upcoming Shanghai Upgrade was thought to give new validators more reasons to join the network. Recent interest in validators could be due to good things happening with Ethereum.
Considering the positives
According to Glassnode, a positive indicator for Ethereum was the decreasing number of addresses in loss, which reached a five-month low.
In spite of this good news, interest in whale has declined during the past month. If large investors decided to sell their holdings, it may have a negative effect on retail investors.
Taking a look at Ethereum
There has been a fall in the number of new addresses sending ETH for the first time, which could be a contributing factor to the decline in whale interest. This meant that new addresses weren’t interested in joining the network.
Traders’ feelings also changed for the worse during this time. According to Coinglass, the number of short positions against Ethereum went up. After February 1, the number of short positions went up even more. At the time of press, there were 51.57% short positions against ETH.
Even if market participants were pessimistic about Ethereum, a recent development with Visa could increase the network’s chances of success. According to a 6 February tweet, Visa was USING USDT transactions over the Ethereum network.
The partnership could help more people use Ethereum and improve how traders and whales feel about it.
Overall, the number of validators on the network and the fact that they kept growing, even though the market was unstable, pointed to a bright future. The Shanghai Upgrade and Visa’s partnership are important things to keep an eye on because they could help the king altcoin become more popular and improve its future.
Content Source: ambcrypto.com