Over the past 12 hours, Ethereum (ETH) has seen moderate bullish momentum, currently trading at around $2,696. Despite fluctuations, Ethereum is showing resilience by holding above key support levels, with its 50-day moving average at $2,476 acting as a strong foundation for potential growth (thecurrencyanalytics) (Crypto Futures Market Data).
One notable development is the increase in staked ETH, which now accounts for nearly 29% of the total supply. This long-term staking activity has reduced liquidity and selling pressure, creating conditions that could support future price increases (thecurrencyanalytics). Investors’ confidence has also surged, with a marked 65% increase in ETH held in accumulation wallets since the start of 2024 (cointelegraph).
On the technical side, Ethereum is nearing overbought conditions with an RSI of 61, suggesting room for growth but with caution as it approaches critical resistance near the $3,000 mark (Crypto Futures Market Data). The upcoming Ethereum network upgrades, focusing on scalability and transaction speed, are expected to further bolster its position in the market (Bitcoin News).
Overall, Ethereum is at a pivotal moment, with bullish factors such as increased staking and accumulation poised to counteract short-term market volatility. However, breaking through the $3,000 resistance will be crucial for sustaining upward momentum.