We are less than a week after a key update to the Ethereum blockchain called Shapella. The April 12 hard fork allowed investors to start withdrawing staked ethers that were locked in Beacon Chain. So far, more than a million ether have left the staking pool. However, a much more interesting phenomenon is that the number of addresses that have started staking ETH is growing. This week, more people decided to lock their ethers than to withdraw them from the staking pool.
On April 12, the Ethereum blockchain underwent a Shapell update. Thanks to it, validators can withdraw their ethers that have been deposited in Beacon Chain. After the first week after this event, over a million ethers have already returned to investors’ portfolios. However, the number of people who have decided to become a validator of the Ethereum network and allocate their ETH for staking purposes is greater than those who have started withdrawing their assets.
According to data from the analytical company Nansen, more investors are currently staking their ethers than withdrawing them from Beacon Chain. From April 17, the volume of ether staking (at the level of 124,000 ETH) exceeded the level of withdrawals. These are 64,800 ETH. In the last 24 hours, the Ether staked to payout ratio was 94,958 to 27,076 ETH.
Many in the Ethereum community feared the aftermath of the Shapell hard fork. There was a chance that millions of ethers, which had been blocked in the staking pool since 2020, would flow to the market. This could negatively affect the price of this cryptocurrency. However, these fears turned out to be unfounded, and ETH reacted in the opposite way and the price of this asset reached levels that were last seen last summer.
Technical Market Outlook:
The ETH/USD pair is back under the $2,000 level as the consolidation had been terminated and the local technical support seen at the level of $2,043 was broken. The bears had pushed the prices towards the technical support seen at level of $1,940 (local low was made at the level of $1,923. The momentum is weak and negative on the H4 time frame chart, but the market conditions are extremely oversold already, so the bounce towards the level of $2,007 is possible. Please notice, if there is no strong rebound soon, then the corrective cycle will deepen more than the current -10,14%.
Weekly Pivot Points:
WR3 – $2,208
WR2 – $2,153
WR1 – $2,124
Weekly Pivot – $2,098
WS1 – $2,069
WS2 – $2,043
WS3 – $1,988
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
We are less than a week after a key update to the Ethereum blockchain called Shapella. The April 12 hard fork allowed investors to start withdrawing staked ethers that were locked in Beacon Chain. So far, more than a million ether have left the staking pool. However, a much more interesting phenomenon is that the number of addresses that have started staking ETH is growing. This week, more people decided to lock their ethers than to withdraw them from the staking pool.
On April 12, the Ethereum blockchain underwent a Shapell update. Thanks to it, validators can withdraw their ethers that have been deposited in Beacon Chain. After the first week after this event, over a million ethers have already returned to investors’ portfolios. However, the number of people who have decided to become a validator of the Ethereum network and allocate their ETH for staking purposes is greater than those who have started withdrawing their assets.
According to data from the analytical company Nansen, more investors are currently staking their ethers than withdrawing them from Beacon Chain. From April 17, the volume of ether staking (at the level of 124,000 ETH) exceeded the level of withdrawals. These are 64,800 ETH. In the last 24 hours, the Ether staked to payout ratio was 94,958 to 27,076 ETH.
Many in the Ethereum community feared the aftermath of the Shapell hard fork. There was a chance that millions of ethers, which had been blocked in the staking pool since 2020, would flow to the market. This could negatively affect the price of this cryptocurrency. However, these fears turned out to be unfounded, and ETH reacted in the opposite way and the price of this asset reached levels that were last seen last summer.
Technical Market Outlook:
The ETH/USD pair is back under the $2,000 level as the consolidation had been terminated and the local technical support seen at the level of $2,043 was broken. The bears had pushed the prices towards the technical support seen at level of $1,940 (local low was made at the level of $1,923. The momentum is weak and negative on the H4 time frame chart, but the market conditions are extremely oversold already, so the bounce towards the level of $2,007 is possible. Please notice, if there is no strong rebound soon, then the corrective cycle will deepen more than the current -10,14%.
Weekly Pivot Points:
WR3 – $2,208
WR2 – $2,153
WR1 – $2,124
Weekly Pivot – $2,098
WS1 – $2,069
WS2 – $2,043
WS3 – $1,988
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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