Ethereum (ETH) has seen its price remain stable, despite looming speculation of a network upgrade. However, Ethereum's on-chain fundamentals are showing continuous strength and demand due to the growing activity on the network and whale accumulation. With these careful balances, the resilient Ethereum network may be able to stay stable despite the uncertainty that has been pervasive.

Daily active users and usage on the Ethereum network have seen increases in the last few weeks, enabling more and more users to interact with ETH-based decentralized applications. Indeed, the number of daily active addresses on the Ethereum network has surpassed 400,000 in recent trading days and continued usage can demonstrate to investors that Ethereum is still a viable option.

Encouragingly, a mild-accumulation trend amongst Ethereum's largest whale cohort has been observed over the past few weeks. Records show that whales controlling 1 million to 10 million ETH have been buying and holding ETH in higher than average numbers. This accumulation of Ethereum by the whales is a strong indication of demand, and may affect the choices of other investors.

According to aggregated order books from top exchanges, the demand for Ethereum is significantly higher than the available supply for current prices. IntoTheBlock's data shows that Ethereum has potential to reach $1,893 before falling back to the 25,000 ETH sell wall, however, if the bulls can push through, Ethereum could rally to the mark of $2,163 where another considerable sell wall of 40,000 ETH lies.

From a bearish perspective, if Ethereum drops below 5% support near $1,715 it could signify the attrition of bullish energy, however, a buy wall of 20,000 ETH is providing some measure of support. If the buying power fails to hold up, Ethereum could drop toward $1,500 where another cluster of buying activity is expected to commence.

Overall, Ethereum appears to be in a strong position in the wake of Shappela's upgrade. Onchain fundamentals such as growing daily usage and whale accumulation are influencing more demand for ETH which could help secure its future. Whether or not Ethereum can maintain its resilience in the market largely depends on the buoyancy of these forces.



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