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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum

Ethereum Price Forecast Remains Bullish As Network Nears Another Milestone

Best Owie by Best Owie
1 year ago
in ETH
Reading Time: 2 mins read

Ethereum has been recording win after win over the last month. If it’s not a win in its price, then it is another step forward in its move to being a proof of stake network. These major milestones have reverberated throughout its community, spurring bullish sentiment amongst even the most skeptical of investors. Now, another milestone moving into view for the network promises even better things to come.

Staking Nears 13.3 Million ETH

The amount of ETH staked on the network continues to rise drastically. The first validator node was set over a year ago, and since then, thousands of validators have joined the effort. Along the way, there have been various milestones hit, with Ethereum moving towards another one.

Related Reading: Will Ethereum Breach $2,000 Before The Merge?

Not long ago, the total number of ETH staked ahead of the Merge had grown to more than 10% of its total supply. Now, with the recent ramp-up and anticipation of the Merge, more ETH is being staked. This has brought the total number of ETH staked to reach almost 13.3 million. What this means is that Ethereum is very close to seeing 11% of its total supply being out of circulation. At current prices, this is more than $25 billion staked in the contract so far.

Ethereum price chart from TradingView.com

ETH trading above $1,900 | Source: ETHUSD on TradingView.com

Now, this is not the highest that the dollar value of the staked ETH has been by any stretch, but given that the price of ETH is down more than 50% from its all-time high, it helps to put into perspective just how much is being staked already.

Ethereum Bullish Sentiment Grows

Bullish sentiment in Ethereum is now at one of the highest levels it has ever been. As the Merge draws closer, anticipation is nearing peak levels. This has caused investors to accumulate tokens ahead of what will be one of the most important upgrades in the history of the crypto space.

Related Reading: Market Sentiment Shoots Up As Bitcoin Eyes $25,000

It is also worthy of note that the digital asset has been up double-digits in the last week alone. This recovery has seen it beat multiple resistance points to break above $1,900. The result of this is more accumulation that continues to send the price sky high.

Presently, the only significant resistance for the digital asset sits at $2,000, a price point bulls are aiming for. A break above this will set the digital asset on a rally towards $2,500, with the most important resistance dwelling at $2,250.

Featured image from Coinmarketcap, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Tags: ETH stakedethereumEthereum MergeEthereum milestoneethereum priceEthereum stakingethusdETHUSDT
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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