Ethereum Price Eyes Fresh Gains, Another Increase on the Horizon
Ethereum's price is predicted to rise due to increased staking deposits, which can lead to a supply squeeze and, consequently, a price increase. Ethereum's price closed May 2024 above the $3,761 mark, reflecting a 24% growth performance, and recent surge in ETH 2.0 staking could spark another major rally.
The Ethereum network has seen a significant increase in staking deposits, with over 21 million ETH staked, accounting for approximately 18% of the total circulating supply. This surge in staking activity can lead to a reduction in the available supply of ETH, creating a supply squeeze that can drive up the price.
Additionally, the upcoming Shanghai upgrade, which will enable stakers to withdraw their ETH, is expected to have a positive impact on the price. The upgrade is anticipated to increase the appeal of staking, leading to even more deposits and further reducing the available supply.
The technical indicators also suggest a bullish trend for Ethereum, with the Relative Strength Index (RSI) indicating a strong buying pressure. The Moving Average Convergence Divergence (MACD) also shows a bullish crossover, indicating a potential price increase.
Overall, the combination of increased staking deposits, the upcoming Shanghai upgrade, and bullish technical indicators suggest that Ethereum's price is poised for another increase.
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