ETH Hits an All-Time-High in Deposit Contract

• ETH 2.0  hit an All-Time-High in Deposit contract, reaching an ATH of 13,919,623 ETH.
• Ethereum has seen the regeneration of large transactions on the Ethereum network a sign that whales and institutional players are reestablishing themselves back in the network.

The Ethereum merge didn’t receive quite the welcoming it expected. Two days after Ethereum’s successful transition from Proof-of-Work to Proof-of-Stake consensus was met by the United States CPI data. This affected Ether’s price with ETH dropping a whole 20%. This was contrary to what investors expected as the Ethereum merge was a sell-the-news event according to analysts.

However, as ETH’s price was headed in an austere direction, on-chain activity is headed for greener pastures in quite a few areas for the second largest cryptocurrency.

Significant Growth in Validators Indicating High Investor Confidence

According to the Glassnode report, data revealed that in just the month of September, the Ethereum network experienced over 11.36k validators coming online. The data indicated significant growth in investor confidence.

Come mid-September, the number had risen up to over 429.6K active validators on the Ethereum network. The rise of newcomers was a clear indicator of the rising number of new validators on the network. Six months pre-merge, Ethereum saw a remarkable change in the number of new validators.

One of the mentionable development was that  ETH 2.0  hit an All-Time-High in Deposit contract, reaching an ATH of 13,919,623 ETH. The past week saw roughly 150,00 ETH, worth $195 million being staked.

Institutional Investors vs Retail Investors

Meanwhile, Ethereum has seen the regeneration of large transactions on the Ethereum network. The number of large transactions has seen a heave. The number of large transactions represents the number of whales’ and institutional stakeholders’ transactions.

At the same time, while whales and institutional players seem to be reestablishing themselves back in the network, retail investors are dawdling behind and still bearish due to the price pullback post-Merge.

Are There Hopes of a Reversal?

The crypto community was at ease on September 23 as the big crypto assets saw some gains on their short-term charts.

ETH price charted its first green candle on a daily chart at press time which points in a positive direction for the top altcoin. Additionally, RSI’s recovery from the oversold also pointed towards an easing sell-side pressure.

However, there was doubt about whether a reversal will ever occur looking at ETH’s 27% price pullback since the Merge.

Currently, ETH is currently trading at $1,305.27, a 1.21% drop in the last 24 hours.