Ethereum Staking Surpasses Withdrawals for First Time After Shapella Upgrade

• Ethereum staking surpassed withdrawals for the first time after Shapella.
• Entering the validator queue stands at 14k, while exit validators are at 12k.
• ETH is trading at a $1,900 level with a drop in value after yesterday’s rally.

In recent times, Ethereum has undergone a series of significant upgrades. These include transitioning from the proof-of-work to the proof-of-stake consensus, as well as the recent Shapella upgrade, which resulted in several alterations to the network.

Following the Shapella upgrade, one of the most notable changes to the network is the introduction of the ability to withdraw staked ETH. While there were concerns about a potential sell-off, the price of ETH remained resilient.

The Ethereum network seems to be finally stabilizing following the Shapella upgrade. The latest details from a crypto researcher, Tom Dunleavy, reveal that the new deposits to the ETH staking contracts have flipped the total withdrawals in the queue.

Ethereum entering validator queue stands at 14k

According to the details, the entering validator queue stands at 14k, whereas the exit validator queue stands at 12k. Dunleavy mentioned this as a sign of strength for the ETH network after the large forced withdrawals from Kraken.

Ethereum is trading at $1,905 at press time, according to CoinMarketCap data. The second-largest cryptocurrency is down by 2.23% after the recent rally that saw its price climb to $1,957. Post-Shapella upgrade, the price of Ethereum spiked above $2,100. However, the overall turmoil caused the prices to go into a downward spiral.