Ethereum and the larger market continued to see red signals in terms of price after witnessing short-term gains. However, despite the cautionary tales and price headwinds, stakers and holders continued to build the post-Merge Ethereum castle.
In the years leading up to the Ethereum blockchain’s historical shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS), the optimistic anticipations from price failed to pan out. The much-anticipated Merge went live on September 15 — just two days after the United States CPI data which pulled ETH’s price down by close to 20% in the two days leading up to the Merge.
Nonetheless, on-chain activity pointed towards a healthier picture in quite a few spheres for the top altcoin network.
Growing investor confidence
Recent Glassnode data presented that over 11.36k validators have come online in September alone, signifying growing investor confidence as technical challenges of the Merge de-risked.
Despite the glimmering activity from stakers and whales, ETH still faced some crucial resistance barriers ahead. A look at In and Out of Money indicator suggested that Ethereum faced stiff resistance at the $1,542 mark where 5.39 million addresses hold over 25 million ETH.