- Ethereum staking rate exceeded 11% ahead of the transition to proof-of-stake, according to OKLink.
- 36,000 ETH have been added every week to the staking contract since the beginning of August.
- Ethereum price could decline to $1,300 before bouncing higher, argue analysts.
The Ethereum Merge, scheduled for mid-September, is drawing closer, as the volume of ETH deposited in the contract explodes. ETH2 staking addresses have climbed, as 13.3 million Ethereum tokens have been staked so far.
Also read: Ethereum bears initiate takeover as Merge shadow fork encounters issues
Can a peak in Ethereum staking help ETH price recover?
Ethereum price suffered a decline, yielding 20% losses over the past week. Based on data from OKLink, there is a consistent increase in the volume of Ethereum staked on the ETH2 contract. 13,344,312 ETH tokens have been staked on the ETH2 staking contract, equivalent to $20.7 billion.
Despite the uncertainty surrounding Ethereum’s transition to proof-of-stake and the likelihood of a hard fork driven by proof-of-work proponents, the community has supported the Merge through ETH staking. It remains to be seen whether an increase in the volume of ETH staked fuels a bullish sentiment among holders.
ETH2 staking
Every week since the beginning of August, 36,000 ETH have been deposited in the contract. This shows crypto trader’s support for the altcoin ahead of the Merge, an event slated to change the course of Ethereum’s value, utility and adoption.
Ethereum price could decline before recovery
Analysts have evaluated the Ethereum price chart and revealed a likelihood of decline to $1,300. Smart Contracter, a leading crypto analyst and trader, predicts that ETH could hit a higher low before its recovery. The analysts considers $1,300 the ideal price level to accumulate the altcoin.
Smart Contracter applied Elliott Wave Theory to the Ethereum price chart and noted that the larger ABC pattern correcting the five wave rise has begun on Ethereum. The analyst therefore expects a bounce that ends up being a higher low for Ethereum.
If Ethereum price structure continues to look bullish at $1,300, that is the correct level to scoop up ETH before the final wave, and a recovery rally.
ETH-USD 1-day price chart
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple Price Prediction: How tokenized treasuries could accelerate XRP to $10 by end-2025
The adoption of cryptocurrency-related financial products, including tokenized treasuries, is on overdrive globally, with the focus now shifting to robust networks such as Ripple's XRP Ledger (XRPL).
Sei rallies as Wyoming selects protocol for WYST stablecoin pilot
Sei extends gains above $0.21, decoupling the token from the broader crypto market amid low sentiment and macroeconomic uncertainty. The Wyoming Stable Token Commission selects Sei Network as a candidate blockchain for the WYST, the first fiat-backed stablecoin issued by a US state.
Crypto Today: Bitcoin, Ethereum, XRP nudge higher as geopolitical tensions take a backseat
Bitcoin bulls step up, pushing the price above $106,000, as Trump said he would delay his decision about launching strikes on Iran for up to two weeks. Ethereum rebounds from the 200-day EMA support at $2,477 amid steady interest in the derivatives market.
Solana eyes trend reversal as bearish momentum bottoms out above $140
Solana experiences a minor uptick of under 1% at press time on Friday, with multiple long shadow candles forming above $140 as bearish momentum fades off. The optimism surrounding Solana is on the rise, as evidenced by the SOL Open Interest reaching a weekly high.
Bitcoin Weekly Forecast: The calm before the storm
Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.