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- 1 Ethereum deposits have taken a hit since the Shanghai upgrade with very less decline in TVL.
- 2 Ethereum price is currently trading near $1823 with a small drop in the intraday session.
Ethereum is the second biggest cryptocurrency with a market cap of $219 Billion. Ethereum works as a platform for various cryptocurrencies and is used primarily for its novel smart contracts feature. There are various ecosystems inside Ethereum – Defi, NFT, and many others. It saw a switch from PoW to PoS in 2022 which gave Ethereum the ability to scale more with higher efficiency. It has recently observed one of the biggest upgrades called Shapella Upgrade.
The upgrade has enabled speakers to withdraw their Eth. There are currently 20245268 ETH staked on the chain with 632671 validators. The Inflow of ETH has observed a decline since the upgrade. Meanwhile, Lido has the biggest market share in the staking of Ethereum. The number of ETH stakes has observed a strong decline on the Kraken. The current TVL of Ethereum is at $60.47 Billion which is the biggest market share in the Defi Space.
Lido Finance has enabled over $10 Billion of ETH to be withdrawn this week, as per Delphi Digital. The social engagement of the ETH has observed a decline. The V/M ratio of Ethereum suggests a consolidated trend in price.
Is Ethereum Price Making Strong Hold Near $1800?
Ethereum price is taking support near the $1800 in the weekly time frame. On the daily chart, it is consolidating near the crucial levels. ETH price is currently trading near the value of $1819 with a small drop in the intraday session.The upside trend of ETH price can observe a halt near the value of $2000.
Meanwhile, the support of the asset price can be seen near $1700. ETH price is trading in between the 50 and 100 Daily Moving Averages. If the asset price jumps above the 50 DMA then a strong upside trend in the future can be seen.
The RSI of ETH is near 45 suggesting its presence in the neutral zone. The overall sentiment of the indicator is consolidating.
Summary
Ethereum has observed a decline in staking after the Shapella upgrade. ETH price is currently consolidating but can see a new high in the future.
Technical Levels
Major Support:$1700
Major Resistance:$2000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
