Before Bitcoin‘s halving event took place, the prices of most altcoins slipped. However, post-halving, Ethereum bounced back significantly based on market analysis.
However, the recovery of ETH staking remained elusive.
Ethereum daily staking drops
According to AMBCrypto’s analysis of Ethereum’s staking data, there has been a noticeable decrease in the number of new stakers joining the network over the last few days.
During the early part of the last week, the amount of staked Ethereum in the chart showed a noticeable increase, reaching approximately 115,000 units around the 15th of April. Yet, this level started decreasing afterwards.
Currently, there are 31,441 new stakes, which is a decrease of more than 80,000 compared to earlier figures.
If the current downward trend continues for Ethereum (ETH), although it’s not yet reached its all-time low, it may establish a new record low. At present, over 43.9 million ETH have been staked.
Though the trend as a whole has risen, a closer look at the graph reveals minimal advancement, suggesting little new growth in more recent periods.
Outflows dominate the Ethereum flow trend
Except for the 20th of April, Ethereum has witnessed more outflows than inflows in recent days.
According to AMBCrypto’s assessment of Glassnode’s Netflow chart, there were approximately 20,000 more Ethereum tokens flowing into Ethereum networks by the end of the given date. However, this inflow was noticeably smaller than the amount of Ethereum leaving the network during the same period.
April 18th saw a significant withdrawal of over 144,800 units from Ethereum, making it one of the largest such events in recent history.
Currently, more than 14,000 withdrawals of Ethereum have been processed, suggesting a pattern of Ethereum being moved off exchanges.
According to the trend in the Ethereum staking withdrawal chart, the majority of withdrawn ETH isn’t being staked. This could be seen as a good sign for the asset, implying that investors expect an uptick in ETH’s price and prefer holding it rather than staking it.
The Bitcoin halving more recently has intensified this belief, suggesting a potential price surge could be on the horizon.
ETH remains in bear trend
According to AMBCrypto’s analysis on a daily basis, Ethereum concluded the week on an optimistic note. The cryptocurrency underwent a rise of over 3%, resulting in an approximate value of $3,157 by the weekend.
Read Ethereum’s [ETH] Price Prediction 2024-25
The price started off around $3,158 at the beginning of the week, but subsequently experienced a series of drops. Currently, it is being bought and sold at approximately $3,177, marking a minimal increase of roughly 0.1%.
On the 11th of April, the stock’s Relative Strength Index (RSI) showed that it had dropped beneath the neutral threshold. As I pen this down, it still hovered below this mark, but a significant enhancement was discernible.
Read More
- SQR PREDICTION. SQR cryptocurrency
- DOGS PREDICTION. DOGS cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- TON PREDICTION. TON cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- HI PREDICTION. HI cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
2024-04-22 02:15