Ethereum data reveals that the amount of the cryptocurrency currently staked just reached a new high at 22.8 million ETH. This is an important observation for the Ethereum network because it underscores a long term focus.
ETH’s price action has been relatively dormant despite the surging amount. But can its latest characteristics reveal where it was headed in the short term? Perhaps its bearish performance in the last 24 hours may offer some useful insights. A 2.8% pullback occurred at the time of writing after a brief push above the 50% RSI level.A bearish pullback ensued the last time that the price pushed above the RSI mid-point.
If the above observations lead to price weakness, then ETH might lose its current support near the $1,780 price level. The price may slip below $1700 and if that happens, traders should watch out forAs far as on-chain observations are concerned, network growth fell significantly in the last five days, almost to the lowest four-week levels. This was despite a surge in on-chain volumes during the same period.Any short-term sell pressure might be short-lived because whales have been accumulating.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What next for Ethereum after whales do thisEthereum addresses with more than 10,000 ETH recently reached a six-month low. However, other metrics showed that investors were accumulating ETH.
Read more »
Things look up for MATIC as zkEVM witnesses decline in…Users should keep an eye on Ethereum’s price and network activity to take advantage of less transaction fees. MATIC’s price action after a long wait turned green.
Read more »
What next for Ethereum after whales do thisEthereum addresses with more than 10,000 ETH recently reached a six-month low. However, other metrics showed that investors were accumulating ETH.
Read more »
Trudeau promises to update act around use and development of water in CanadaPrime Minister Justin Trudeau repeated promises Tuesday to update legislation that governs water use
Read more »
The no-politics mayoral candidate questionnaire: Mitzie HunterMayoral candidate Mitzie Hunter shares her last splurge, her biggest vice, and her Toronto sports team of choice
Read more »
Toddler shot by stray bullet at Utah day care while playing outside - Terrace Standard‘Detectives are continuing to investigate where the bullet may have been shot from and why’
Read more »