đ„đ„đ„ #EthereumStaking Booms While Exchange Reserves Hit Lows: Is $ETH Gearing Up for a #BullishRun ?
Ethereum's ecosystem is undergoing significant changes, as highlighted by Leon Waidmann of Onchain Insights. Ethereum staking has reached an all-time high, with exchange reserves hitting record lows, suggesting a potential supply squeeze that could drive ETHâs price higher. As of now, Ethereum is priced at $2,820, reflecting a 9.26% increase in the past 24 hours.
Staking Surge and Falling Exchange Reserves
- Ethereum 2.0 staking has surged, with more ETH being locked in staking contracts. This reduces the supply of ETH available for trading on centralized exchanges, easing selling pressure and setting the stage for a potential price rally. Additionally, the significant outflow of ETH from exchanges points to growing investor confidence, further supporting the bullish outlook.
Derivatives Market Activity Soars
- Ethereumâs derivatives market is experiencing a 116% surge in trading volumes, reaching $52.69 billion. Open interest also rose by 11%, signaling increased market engagement and speculative activity. Bullish sentiment dominates, with long positions outnumbering short ones on platforms like Binance and OKX. Despite volatility and liquidations, the derivatives market signals potential short-term price moves.
On-Chain Data: Mixed Signals
- On-chain data offers a mixed outlook. Only 29% of ETH holders are in profit, while 64% are in the red. However, large holders, controlling 92% of the supply, remain active. High-value transactions totaling $6.83 billion were recorded last week, highlighting continued whale activity. The ongoing outflow of ETH from exchanges, amounting to approximately $34.61K, indicates growing confidence in Ethereumâs fundamentals.
#ETHPrice Outlook
- Analysts at Changellyblog project that by December 2024, Ethereumâs price may stabilize within a range of $2,820 to $2,864. The average trading price for that month is anticipated to be around $2,842.
