Ethereum sees an increase in these metrics as the Shanghai Upgrade approaches

  • Ethereum validators reach over 500,000 as the network nears an upgrade.
  • The total value of pegged ETH has also increased to over 16 million.

According to a report published by web platform 3Alchemy on January 17, the number of smart contracts deployed on Ethereum [ETH] The main network has increased by 293% compared to 2021, reaching numbers that match the highest levels this year.

Read Ethereum’s [ETH] Price forecast 2023-24

Despite the collapse of FTX, there has been an interesting increase in the number of smart contracts on the network. Alchemy claimed that in the last quarter of 2022 there were 4.6 million smart contracts in use, an increase of 453% over the previous quarter.

However, in the same report, it was noted that the total amount of ETH assets traded in CEXs decreased by 29% between the second and third quarters.

Validators and cryptocurrency ETH hit record highs

In preparation for the March 2023 Shanghai Update, the number of validators of Ethereum has surpassed 500,000, according to data from BeaconScan. At the same time as the verification milestone is reached, Ethereum core developers plan to roll out the Shanghai Upgrade.

When this promotion goes live, validators can withdraw the reserved ETH and any benefits they got due to their stakes. A maximum of 43,200 ETH can be withdrawn daily from the total amount of ETH deposited.

As of this writing, the total value of ETH accumulated is over 16 million. The latest figure, according to Glassnode data, marks a new record. At the price of Ethereum at the time of publication, the amount is over $25 billion.

Source: Glassnode

Development activity resumes upward trend

The growth of validators and smart contracts on Ethereum has fueled the platform’s development activity. At the time of writing, developer contributions, according to Santiment’s Development Activity Index, have risen to over 87. Current conditions reflect a marked upward trend that began in early 2023.

Ethereum development activity

Source: feeling

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ETH forms a new support

On a six-hour time frame, ETH is trading at around $1,584 at the time of writing. Moreover, it was evident that the asset was trying to create a new support line in the current price range.

Ethereum price (ETH)

Source: TradingView

Hence, it was also possible to deduce that ETH was still in an uptrend during the same time frame. The Relative Strength Index (RSI) line indicated that ETH remains above 70 and in the overbought territory. The directional indicator line plus DI and the signal line above 20 further support the current bullish trend for ETH.

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