Ethereum’s next relief rally may be at the mercy of these ETH holders

ambcrypto.com:

Ethereum [ETH] has been on the receiving end of a lot of sell pressure, especially post the Merge. However, even after Ethereum’s decline in prices, validator interest and revenue had a different picture to convey.

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Here’s AMBCrypto’s Price Prediction for Ethereum for 2022-2023.

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It should be noted that garnering interest from validators could help Ethereum reach its potential.

As can be seen from the image below, the number of validators on the Ethereum PoS network witnessed an uptick over the past 30 days.

Source: Staking Rewards

Despite Ethereum’s declining prices, validators stayed put through the turbulent time and proceeded to have faith in the Ethereum network as their number continued to grow.

Furthermore, despite the altcoin’’s price in a constant decline, staker revenue for Ethereum was observed to go up over the past few days. The total revenue amounted to $824 million as of 8 October. 

If the miner revenue keeps increasing over time, validators would be more incentivized to hold their staked ETH instead of selling it. This could prove to be a positive catalyst for Ethereum in the long run.

Source: Staking Rewards

But it’s not just stakers that showed interest in Ethereum. Some other factors too were responsible for the growth observed in Ethereum.

According to Glassnode, a crypto analytics firm, Ethereum observed an all-time high in addresses holding more than one ETH. As of 8 October, the number of addresses holding more than one ETH was 1.5 million. This was the highest it had ever been.

This development could be attributed to not just