In recent weeks, Ethereum has experienced a significant uptick in staking inflows, surpassing 16,000 ETH.
This increase became particularly notable towards the end of July and mid-August. Such large staking activities might be linked to recent price declines, suggesting a possible correlation between these events.
Staking inflows surpassed a total of 16,000 $ETH
“This pattern is visible at the end of July and mid-August, suggesting a potential correlation where large staking events might be influencing or coinciding with price declines.” – By @3AMRTAHA_
Link 👇https://t.co/S2yoOIwbhQ pic.twitter.com/SiN3EvG6fQ
— CryptoQuant.com (@cryptoquant_com) August 16, 2024
Additionally, Ethereum’s gas fees have seen a dramatic decrease. On August 10, the median gas fee fell below 2 gwei for the first time in five years, and it briefly dipped under 1 gwei recently. This reduction in transaction costs highlights a notable shift in network activity and efficiency.
Last week, the median Ethereum Gas fee hit a new low in the past five years. On August 10, the median Ethereum Gas fee was lower than 2gwei for the first time in the past five years. Recently, the real-time Ethereum Gas fee was once lower than 1gwei. https://t.co/anekkq92AQ
— Wu Blockchain (@WuBlockchain) August 16, 2024
Technical analysis reveals a bearish signal on Ethereum’s hourly chart, as indicated by the TD Sequential indicator. This suggests a potential short-term correction of one to four candlesticks.
The TD Sequential shows a sell signal on the #Ethereum $ETH hourly chart, anticipating a one to four candlesticks correction! pic.twitter.com/SzoNdp2uC9
— Ali (@ali_charts) August 16, 2024
Ethereum Could Drop Further Into $2,300 Levels
Should Ethereum continue its downward trend, a crucial support level to monitor is between $2,300 and $2,380. This range is significant as 1.62 million addresses have purchased over 50 million ETH in this zone, marking it as a strong point of interest for traders.
If #Ethereum continues its downward trend, a key support zone to watch is between $2,300 and $2,380, where 1.62 million addresses bought over 50 million $ETH. pic.twitter.com/11LZcqicUU
— Ali (@ali_charts) August 16, 2024
In the ETF space, Ethereum saw a total net outflow of $39.2111 million on August 15. The Grayscale ETF (ETHE) experienced an outflow of $42.5234 million, while the Fidelity ETF (FETH) had an inflow of $2.5420 million. Currently, the total net asset value of Ethereum spot ETFs stands at $7.160 billion.
On August 15, the total net outflow of Ethereum spot ETF was $39.2111 million. Grayscale ETF ETHE had an outflow of $42.5234 million, Fidelity ETF FETH had an inflow of $2.5420 million, and the total net asset value of Ethereum spot ETF was $7.160 billion.…
— Wu Blockchain (@WuBlockchain) August 16, 2024
These developments underline a dynamic period for Ethereum, with key support levels and ETF movements shaping the current market landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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