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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.

 



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