During Thursday’s U.S. market session, the cryptocurrency market witnessed a notable downtick as major digital assets, BTC and ETH, recorded a sharp drop. A 4.2% pullback in Bitcoin signals an intact correction sentiment among traders. While the Ethereum price sustainability below $3,500 hints prolonged downtrend, the increased staking activity could assist in a quick rebound.
Currently, the ETH price trades at $3,340 with an intraday loss of 4.4%. According to Coingecko, the global crypto market cap is at $3.47 Trillion, while the 24-hour trading volume is at $1.2 Billion.
Key Highlights:
- A steady uptrend in ETH staking indicates growing adoption, increased network security, and investors’ long-term commitment
- The $3,100 level stands as key support for buyers to replenish exhausted bullish momentum.
- Ethereum price sustainability above the 200-day exponential moving average and 50% Fibonacci retracement level.
Ethereum Staking Hits Record High
Ethereum staking continues to demonstrate robust growth, with total staked ETH surpassing a staggering 54 million, according to data from IntoTheBlock. This achievement highlights the sustained confidence of investors and validators in Ethereum’s proof-of-stake (PoS) ecosystem.
Currently, restated ETH accounts for approximately 10% of the total staked ETH, translating to 5.22 million ETH. This reflects a growing trend among Ethereum validators to reinvest their rewards, further solidifying the network’s decentralized security.
A sustained uptrend in Ethereum staking and restaking emphasized consistent adoption, increased network security, and long-term commitment to asset future growth.
Key Support to Watch in Ethereum Price Correction
Amid the broader market correction, the Ethereum price dropped from $4,108 to $3,342, registering a loss of 18.75%. The falling price breakdown of $3,500 and the 50-day EMA slope indicate a bearish shift in a short-term trend.
With sustained selling, the ETH coin could plunge another 7% to test support at $3,100. The aforementioned level, backed by a 200-year EMA and 50% FIB, projects a high area of interest (AOI) for buyers to retake control.
With the broader market bullish and sustained ETH staking, the altcoin price is poised to recuperate bullish momentum in the near term. This potential could surpass the $4,000 resistance, followed by $4,800.
Also Read: Ethereum’s $MOODENG Soars by 79% Following Vitalik’s Adoption of MOODENG