After the successful Ethereum Shanghai update, Ethereum price approached $2000.
There has been a large amount of liquidation in the last 24 hours, with some traders shorting Ethereum who think the unlocked Ethereums may create selling pressure.
According to Coinglass data, while $44 million positions were liquidated in Ethereum in the last 24 hours, $10 million of this was in long positions and $34 million in short positions.
The most liquidation was seen on the OKX exchange.
How Much ETH Has Been Withdrawn?
In the last 24 hours after the Shanghai update, 34,928 ETH was staked to the network, while 128,167 ETH ($255 million) was withdrawn. Net outflow was 93,239 ETH.
When we look at the current price action, we see that the unlocked and withdrawn ETHs are not yet predominantly sold and there is no selling pressure in this direction.
The current average price of ETH staked so far is $3466. Investors do not seem to want to sell at a loss, thinking that the price of ETH will rise.
If this level is maintained in ETH, which is likely to rise above $2000 in the coming hours, we can see the rises in altcoins get harder.
