Bears Drag Ethereum Below $2,100 Support As ETH Withdrawals Cross $2 Billion

Ethereum has found a lot of resistance after $2,100 as bears are ramping up their activities once more. The digital asset saw a good run last week following the Shapella upgrade given that withdrawals from the Ethereum Beacon contract were not as high as expected.

Timeline of Ethereum

Ethereum (ETH), the world's second largest cryptocurrency by market capitalization, has been in the news for several positive reasons all month long. Over the past 24 hours, the digital currency has soared to an 11-month high of $2,137.45.

Nearly $2 billion worth of Ethereum (ETH) is set to be unstaked after the top smart contract platform's Shapella update went live last week. In a new report, crypto analytics platform IntoTheBlock finds that 868,631 of staked ETH, worth more than $1.8 billion at time of writing, are currently in queue waiting to be withdrawn.

Four days after the Ethereum (ETH) Shapella upgrade, more than 1 million ETH has been withdrawn, according to beaconcha.in data. According to the data, 1.04 million ETH has been withdrawn from the 491,037 processed withdrawals.

The finalization of Ethereum's Shanghai hard fork, also known as Shapella, was completed at around 22:42 UTC. The completion marks a new era for Ethereum, allowing users to withdraw their staked ETH and secure and validate transactions conducted on the Ethereum blockchain.

Former Goldman Sachs executive Raoul Pal says that there's one big overlooked opportunity in the Ethereum (ETH) ecosystem. The macro guru tells his nearly one million Twitter followers that CryptoPunks, one of the biggest non-fungible token (NFT) projects in existence, are starting to look appealing.

ALSO: In his latest Money Reimagined column, CoinDesk Chief Content Officer Michael Casey writes that to prevent the potentially destructive impact of AI, we need open-source innovation and collective governance that is possible through blockchain protocols and Web3, not the monopoly defaulting structure of Web2.

The Ethereum staking process, which involves validators locking up a specific amount of Ether (ETH) to support the network's security and earn rewards, has come under scrutiny for its potential IP address privacy issues.

Ethereum staking has raised concerns around IP address privacy, as validators must connect to the network through an Ethereum client that uses their IP address to communicate with the network. This can reveal the location and identity of the validator, which can be a security risk.

The Ethereum price analysis shows a bearish trend as the token has experienced a significant selloff in recent trading sessions. The ETH/USD pair is trading at $2,090, which is 0.55 percent high, but lower than its previous weekly close at $2,098.

According to on-chain data, the net value of Ethereum removed from staking has surpassed $1 billion in value over the past 24 hours, yet again showcasing the network's ability to perform live network-wide updates without issue. ETH withdrawals in action A total of $1.