$175M Staking to spark $3,300 Breakout?
The post $175M Staking to spark $3,300 Breakout? appeared on BitcoinEthereumNews.com.
Ethereum (ETH) price rebounded 4% to reach $3,220 on January 12, as the crypto market sell-off subsided. On-chain data shows investors making large deposits into ETH 2.0 staking contracts. Has ETH price formed a market bottom? Ethereum (ETH) Price Gains 4% as Market Sell-off Wanes Ethereum (ETH) experienced a volatile week, reflecting the broader crypto market dynamics. The recent turbulence was fueled by macroeconomic concerns and the ongoing effects of market-wide liquidations triggered earlier this month. ETH price dropped by 10% between January 6 and January 9, falling from $3,150 to $2,835 as investors reacted to heightened uncertainty. The broader crypto sell-off was exacerbated by liquidity concerns, which intensified bearish sentiment across major altcoins. Ethereum Price Action | ETHUSD However, Ethereum found support near the $2,850 mark on January 10, as selling pressure eased and on-chain activity indicated a shift in sentiment. Investors began making significant deposits into ETH 2.0 staking contracts, reflecting renewed confidence in the network’s long-term potential. As of January 12, ETH has rebounded 4%, climbing back to $3,220. This recovery hints at the formation of a local bottom, with traders now closely monitoring key resistance levels and potential catalysts for further upward momentum. Ethereum 2.0 Staking Inflows Surge By $175 Million in 3 Days Ethereum’s rebound above $3,200 has fueled optimism that the cryptocurrency may consolidate within the $3,150–$3,400 range in the near term. On-chain data reveals a considerable surge in Ethereum staking deposits, signaling growing confidence among long-term holders and network validators. According to the official data from the Beacon Chain, ETH staking inflows have seen a sharp uptick over since January 9, coinciding with the 4% price rebound. Ethereum Staking Deposits vs. ETH Price | Source: StakingRewards As of January 9, the total staked value stood at 33.84 million ETH. Despite the broader market…
Filed under: News - @ January 12, 2025 9:26 am