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Ethereum Price Forecast: ETH staking balance declines as whales resume buying

Ethereum price today:

  • Ethereum's total value staked has been on a downtrend in the past five days, declining by 120K ETH.
  • In contrast, Ethereum whales resumed accumulation, scooping up 320K ETH on Tuesday.
  • ETH could decline to $1,522 if bulls fail to hold an ascending triangle's support.

Ethereum (ETH) is down 2% on Tuesday following a 120K ETH decline in the net balance of staking protocols in the past five days. While the decreasing staking balance could accelerate selling pressure, the resumption of whale buying activity could help the top altcoin defend a key ascending triangle's support.

Ethereum whales resume buying despite potential distribution from stakers

With the shadow of Trump's tariffs still hanging over the crypto market, ETH investors who have held their tokens in staking protocols are beginning to show weakness after depleting their staked holdings. In the past five days, Ethereum's total value staked dropped by over 120K ETH, worth about $192 million.

ETH total value staked. Source: CryptoQuant

A decrease in the total number of staked coins signals that investors are looking to distribute their assets. If these unstaked tokens enter the open market, it could cause further downside pressure on ETH.

The staking outflows align with a rapid increase in Ethereum exchange supply in the past two weeks. Since the beginning of April, ETH's supply on exchanges has increased by nearly 400K ETH, causing prices to decline briefly below $1,500 last week.

A cryptocurrency’s exchange supply increase indicates rising selling pressure and could result in an opposite price reaction.

ETH exchange reserve. Source: CryptoQuant

While the bearish sentiment remains, Ethereum whales — with a balance of 10K ETH to 100K ETH — flipped from selling to buying on Tuesday. After distributing over 570K ETH between April 2 and April 14, these whales have resumed accumulation, scooping up 320K ETH in the past 24 hours.

An extended rise in whale buying could provide support for and boost prices.

ETH supply distribution (10K-100K ETH). Source: Santiment

Ethereum Price Forecast: ETH bears eyes breakdown below ascending triangle support

Ethereum saw $34.30 million in futures liquidations in the past 24 hours, according to Coinglass data. The total amount of liquidated long and short positions accounted for $24.72 million and $9.58 million, respectively.

ETH tested the support of an ascending triangle in the past few hours as it aims to hold the $1,600 level. If the triangle's support holds, ETH could test the resistance near $1,688, which is strengthened by a key descending trendline extending from March 25. A firm move above the resistance could see ETH tackle the $1,800 level.

ETH/USDT 4-hour chart

On the downside, a firm breakdown below the ascending triangle could send ETH toward the $1,522 key support. Bulls will have to defend the $1,412 key level if this support fails.

Since Friday, the Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) have mostly been above their neutral levels. However, the recent move below their neutral levels could accelerate bearish momentum.

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to

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