Ethereum
All about the state of Ethereum after the Bitcoin halving
- Ethereum sees more exits but fewer new issues.
- ETH continued its recovery after the BTC halving.
As the Bitcoin [BTC] half came closer, altcoins experienced a drop in price. The analysis indicated that Ethereum was among the assets that saw a substantial recovery after the halving.
However, the resumption of ETH staking has remained elusive.
Drop in daily stakes on Ethereum
AMBCrypto review of Ethereum The staking chart showed a significant decline in new stake volume over the past few days.
The chart indicates that at the start of the previous week, the volume of ETH staked increased, peaking at over 115,000 on April 15. However, this volume has started to decline.
At the time of writing, the volume of new bets was 31,441, a decrease of over 80,000.
Source: Glassnode
While this is not the lowest daily figure recorded for ETH, if this decline persists it could set a new record high. Additionally, the total ETH staked exceeded 43.9 million at press time.
Despite an overall increase, a detailed analysis of the chart suggests that the progression has been almost stagnant, indicating a lack of significant inflows in recent times.
Outflows Dominate Ethereum Flow Trend
Except April 20, Ethereum has seen more exits than entries in recent days.
Analysis by AMBCrypto of the Netflow graph on Glass knot revealed that by the end of the date, ETH saw an inflow of over 20,000, significantly lower than the outflow volume.
On April 18, ETH encountered an outflow of over 144,800, marking one of the largest outflows recently.
At the time of writing, over 14,000 exits have been recorded, indicating a trend of more ETH leaving exchanges.
Source: Glassnode
Based on the trajectory of the staking chart, it is evident that most of the withdrawn ETH is not staked. This presented a positive indicator for the asset, suggesting that holders were anticipating a price increase.
This sentiment was particularly strong given Bitcoin’s recent halving, fostering the belief that a rally could begin.
ETH remains in a downtrend
AMBCrypto’s point of view Ethereum on the daily calendar revealed a positive conclusion to the week. ETH saw an increase of over 3%, reaching around $3,157 by the end of the week.
Read Ethereum [ETH] Price prediction 2024-25
It started the week near $3,158 but then faced several days of declines. At the time of writing, it was trading at around $3,177, up less than 1%.
Its relative strength index (RSI) indicated that it had fallen below the neutral line on April 11. As of this writing, it remained below that line, although there was notable improvement.
Source: TradingView