Analysts are bullish on Ethereum as 12 million ETH is staked on the consensus layer
|- 12 million ETH tokens have now been staked on the consensus layer, hitting a key milestone for the altcoin.
- Proponents believe that a high volume of staked Ethereum is a bullish sign and could fuel a rally in the altcoin.
- Ethereum's revenue increased 46% in Q1 2022 as the altcoin gained popularity among users.
Ethereum price volatility has increased uncertainty among investors. However, analysts are bullish on Ethereum and predict a rally in the altcoin.
Ethereum price could wipe out its losses on one condition
Ethereum consensus layer now has 12 million ETH tokens staked on it. A rise in the staked supply of Ethereum reduces its circulating supply. A reduction in circulating supply is bullish for the altcoin's price.
After witnessing volatility in its price, Ethereum is on track to recover its losses. Based on data from Glassnode, the exchange netflow volume is at 6,244 ETH. This represents a bullish bias among investors.
@venturefounder, a crypto analyst and trader, commented on Ethereum's net exchange flow.
The $ETH exchange net flow for the past 1.5 years is just beautiful.
— venturefoundΞr (@venturefounder) April 29, 2022
$2.8k-$3k seems to be the dip that everybody likes. pic.twitter.com/SaQ8AdZ3Aq
The $ETH exchange net flow for the past 1.5 years is just beautiful.
— venturefoundΞr (@venturefounder) April 29, 2022
$2.8k-$3k seems to be the dip that everybody likes. pic.twitter.com/SaQ8AdZ3Aq
Proponents believe investors are bullish on Ethereum because of the much-anticipated merge. The consensus layer deposit contract recently surpassed 12 million ETH tokens, accounting for over 10% of ETH supply in circulation.
$34 billion in ETH is now pulled out of Ethereum's circulating supply, and over 376,000 validators contributed to the same in transactions worth 32 ETH or more. Analysts believe Ethereum price could overcome a 55-day SMA, a key level to confirm bullish bias.
Analysts have identified $3,018.55 as a critical barrier for bulls attempting to make a recovery. If Ethereum price drops below $2,800, analysts have set a downside target of $2,695.79.
FXStreet analysts have identified a buying spree among Ethereum whales, scooping up ETH off of exchanges in a bullish move.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.