Ethereum Sees Drop in Active Validators Amid Market Fluctuations

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Ethereum PoS Validator Count Drops to Year Low: What’s Next?

In recent weeks, there has been a significant decrease in the active validator count in the Ethereum network. This trend began on January 4, the day the total number of validators voluntarily exiting the network peaked at 17,821.

Matrixport Forecast and Impact on Ethereum

This trend occurred just one day after Matrixport, a prominent provider of crypto investment services, predicted a possible rejection of all Bitcoin ETF applications by the U.S. Securities and Exchange Commission (SEC). Following the release of the report, the prices of leading assets fell, leading to liquidations of over $500 million. Many feared that Matrixport’s predictions could come true and cause a significant market downturn, hence the increase in the daily number of validators leaving the Ethereum network on January 4.

Current Developments

Although the daily active validator count on the PoS chain has begun to rise again, it is still at low levels recorded in December. On January 14, the active validator count on Ethereum was a total of 897,121. Similarly, with the increase in the ETH price following the ETF approval, the number of voluntary exits from the chain has decreased. On January 14, only 124 validators left the network, as data from Glassnode showed.

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Bullish Momentum Intensifies

At the time of publication, the ETH price was at $2,517, according to data from CoinMarketCap. The coin’s price has increased by 15% in the last week. An evaluation of the price movements on a weekly chart showed that bullish pressure persisted. This was derived from ETH’s momentum indicators, which show that traders continue to accumulate the altcoin.

Outlook

However, it’s important to note that these RSI and MFI values typically indicate an overheated market. Therefore, a slight decrease in ETH value should be expected. ETH’s Chaikin Money Flow (CMF) remained in an upward trend and was above the zero line at the time of publication. With a value of 0.16, ETH’s CMF showed a steady supply of liquidity necessary to maintain a price increase.

Sources: Glassnode, CoinMarketCap, Matrixport, SEC.

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