Will This Catalyse the Ethereum (ETH) Price Rally, Which is Currently Stuck in a Narrow Range?

The post Will This Catalyse the Ethereum (ETH) Price Rally, Which is Currently Stuck in a Narrow Range? appeared first on Coinpedia Fintech News

The narrow trend of the Ethereum price does not appear to have impacted ETH 2.0 staking, which has become extremely popular nowadays. The realized value of ETH, along with its average price of ETH supply valued at the day each coin was last transacted on-chain has depleted heavily over the past 10 weeks.

Despite the mounting pressures, the Ethereum stakers and the long-time holders appear to be extremely determined as they anticipate a recovery in the price of ETH soon. 

Ethereum’s Shanghai Upgrade is approaching fast, which may unlock the withdrawal of the staked token. The stakers have now intensified their activity as the total tokens deposited in the contract rose and as per the data from Nansen, it marked a new ATH at 17.52 million.

Besides, the Ethereum network recently surpassed 1.9 billion transactions, which marks a milestone in the altcoin’s journey. Presently, the ETH price is trading at $1556.18 after its recent decline from the $1600 level. However, as per the data from IntotheBlock, the levels around $1525 appear to be key support levels for the price, as 5.93 million addresses have accumulated ETH between $1272 and $1525. 

Therefore, if the price holds these support levels at $1525, then the possibility of a strong rebound may be well in the position. Else, the bears could finely drive the Ethereum (ETH) price close to the lower support.