Ethereum price has been maintaining strong momentum since the beginning of the month and has reached a medium-term high above $1,975. Although the price is currently experiencing a minor correction, the bulls continue to be dominant enough to likely sustain levels above the bearish structure. Moreover, the volume remains low, which has not hampered the progress of the rebound.
One of the main reasons behind the bulls’ grief is the growing interest of traders in staking tokens on ETH 2.0 rather than depositing on exchanges. This shows the bullish mentality of traders who are more interested in staking ETH than trading it. According to data from Glassnode, a popular on-chain platform, the exchange rate for deposit transactions remains unchanged.
Daily FX deposits in Shanghai have been hovering between 28,000 and 32,000 after the upgrade. These figures experienced a significant rise in June before falling back to the initial zone. Moreover, pledged deposits increased from 460 to 8,108 after the upgrade and hit a high around 13,595. Although pledged deposits have also declined, the bulls have started to maintain a healthy upward momentum. Therefore, the price may soon surpass $2,000, which is one of the key resistances.
The second-largest coin is trading inside a symmetrical triangle and the recent uptick has pushed the price above the pattern. ETH price is currently facing a minor correction as it is very close to the mid-term milestone of $2,000. However, the trend continues to remain incremental as long as the price remains above the key 50-day MA level. Moreover, the RSI is also incremental, which suggests that the upward trajectory is likely to continue for a long time.
