Ethereum price consolidates below $2,000, but rising ETH 2.0 staking deposits could prevent further downside.

Ethereum (ETH) Bulls Defending $2,000 Support After Profit-Taking Phase

Ethereum (ETH) ended the week on a strong note signaling enhanced optimism ahead of the impending Pectra mainnet update. Hoodi network update deployment. Following former U.S. President Donald Trump’s appearance at Blockworks’ Digital Asset Summit, ETH price surged to a weekly high above $2,070.

Ethereum price action | March 23

However, amid the rally, the U.S. Federal Reserve’s decision to pause interest rate hikes boosted risk-on sentiment across crypto markets. This led traders to take early profits on large ETH and BTC holdings, shifting capital toward low-cap altcoins with high-growth potential.

As the market rotation cools, ETH price has shown signs of active buy-side pressure. As of March 23, Ethereum price continues to consolidate well above key support levels.

Investors Deposit $220M into Ethereum 2.0 Staking Contracts in 48 Hours

When Ethereum price dropped below $2,000 on Friday, many expected cascading liquidations to drive prices lower. However, 48 hours later, ETH has remained resilient above the $1,950 mark.

On-chain data trends suggest increased staking among investors has helped stabilize prices. Official Ethereum 2.0 Beacon Chain contracts show a significant surge in ETH deposits within the last 48 hours.

Ethereum 2.0 Beacon Chain Staking Deposits as of March 23, 2025 | Source: Beaconcha.in

Investors held 33.72 million ETH staked on March 20. That figure has now risen by 110,000 ETH, reaching 33.83 million at press time. Valued at current prices, this indicates that investors have staked over $220 million worth of ETH in just two days, coinciding with Ethereum’s consolidation phase around the $2,000 level.

Ethereum Price Outlook Today: $1,950 Stop-loss Intact if Current Staking surge persists

Ethereum price consolidation around $2,000 has coincide with in significant 110,000 ETH staking deposits in the last 48 hours. This suggests that Ethereum’s declining trading volume is not entirely due to investor disinterest or a shift toward low-cap assets.

Instead, some investors are also reallocating assets into staking contracts to mitigate downside risks and earn yield income.

By pulling 110,000 ETH from short-term supply, this has reduced sell-side pressure, forcing buyers to bid higher in a market with fewer available tokens, which supports a mildly bullish outlook for ETH price to consolidate above the $1950 support  for the coming trading sessions.

Ethereum Technical Price Analysis Today: $2,100 Resistance to Limits Short-term profits

Ethereum price forecast signals are swinging positive, amid the ongoing consolidation phase. As investors weigh recent staking inflows against macroeconomic uncertainties, ETH is currently trades at $1,979, holding above critical support at $1,950.

The bullish scenario suggests that sustained staking demand and the Bollinger Bands indicator tightening could precede a breakout.

Notably, ETH price is testing the middle Bollinger Band (~$2,005), which, if breached, may open the door to a rally toward $2,100. Additionally, the MACD remains in positive momentum, hinting at potential buyer re-entry.

Ethereum Technical Price Analysis Today:

On the bearish side, failure to reclaim $2,000 may invite sellers back into the market. The lower Bollinger Band ($1,768) serves as a key downside target if Ethereum loses the $1,950 support. Declining trading volumes also indicate weakening demand, reinforcing the possibility of a breakdown.

Traders should watch for a decisive move above $2,005 or below $1,950 to confirm ETH’s next major direction.

 

The post Ethereum Price Analysis Today: ETH 2.0 Staking Deposits Surge $220 Million ahead of Pectra Update – Buy or Hold? appeared first on CoinGape.

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Filed under: News - @ March 23, 2025 12:22 am