• The much-anticipated Shanghai upgrade was successfully executed on Ethereum’s Goerli testnet on 15 March.
• Despite the successful launch, some issues were faced by the network due to validators not upgrading.
• The increasing hype around Ethereum is evidenced by the spike in non-zero address and higher MVRV ratio, which could lead to selling pressure.
Ethereum Upgrade Launched On Goerli Testnet
The much-awaited Shanghai upgrade was executed on Ethereum’s [ETH] Goerli testnet on 15 March. The Goerli network is a decentralized network designed to be a testing and development environment for Ethereum-based decentralized applications. At press time, 17583 withdrawals have been successfully processed on the test network.
Issues Emerge But Validator Interest Remains Consistent
Even though a lot of transactions were processed, there are some issues that are being faced by the network. One such problem was that many validators on the testnet did not upgrade due to a significant number of changes to withdrawal credentials. Until press time, developers were unsure whether these issues would exist when they were launched on the mainnet. This is because the testnet nodes used fewer resources compared to the mainnet. While the developers were busy troubleshooting these issues, the number of validators on the Ethereum network increased by 6.35% over the last month.
The Increasing Hype Around Ethereum
The excitement surrounding Ethereum is growing as the Shanghai Upgrade draws near. One indicator of this increasing hype around Ethereum was the spike in non-zero addresses on Ethereum, which reached an all-time high of 95,474,490 addresses on 14 March. Despite this increasing buzz around the Ethereum network, ETH holders could be tempted to sell their holdings due to its rising MVRV ratio suggesting most addresses holding it are profitable at present prices.
Beware Of The Hype
Despite all this excitement and optimism surrounding Ethereum’s future prospects, investors should be cautious and take into account factors like price volatility before investing in cryptocurrencies like ETH or any other asset for that matter as past performance does not guarantee future results and may prove different from what one expects or anticipates from its value proposition .
Ethereum Profit Calculator
Investors can use tools such as an Ethereum Profit Calculator (https://www.ethereumprofitcalculator) to get an idea about their potential profits if they decide to invest in ETH or any other cryptocurrency for that matter . These calculators allow users input their current portfolio value along with other factors such as current market prices and expected returns over time periods specified by them so they can accurately gauge how much profit they might make if they choose to invest in cryptocurrencies like ETH