Ethereum bulls are facing resistance in gaining momentum, but onchain data reveals interesting trends. Despite trading above $2,400, ETH is being limited by persistent sellers. IntoTheBlock data indicates that nearly 30% of circulating ETH has been staked. As of October 8, 28.9% of all ETH has been staked, showing an increase from 23.8% in January 2024. Over 15.3% of staked ETH has been locked for more than three years. Ethereum's shift to a proof-of-stake network in September 2022 has attracted over 1 million validators who have locked in 34.4 million ETH. The platform's long-term potential is evident as more validators join, despite price fluctuations. Ethereum developers are working on enhancing scalability with proposals like EIP 7781 to increase transaction throughput. If implemented, decentralized exchanges and users will benefit from faster processing speeds and reduced transaction costs. Read more AI-generated news on: https://app.chaingpt.org/news