Ethereum Staking Deposits Surpass Withdrawals
Ethereum staking is experiencing a surge in deposits as they now surpass withdrawals. This has led to an increase in the amount of staked ETH on the Beacon Chain. According to the Nansen Shapella dashboard, ETH deposits have been higher than withdrawals since April 17th. Token Unlocks reported that 575,000 ETH has been staked since the Shapella upgrade a week ago, resulting in the total staking balance falling by around 500,000 ETH. However, the figures vary depending on the analytics platform used.
Ethereum Staking Balance to Increase
If the current trend of Ethereum staking deposits continues, the total amount of staked ETH will increase. According to Nansen and Ultrasound.Money, the balance has already increased to between 18.4 and 18.7 million ETH. Token Unlocks also reported an increase in the staking balance by 26,680 ETH in the past 24 hours. Nonetheless, a significant amount of Ethereum is still waiting to be withdrawn, particularly from Kraken staking services that were closed by U.S. regulators earlier this year.
High Levels of Ethereum Staking May Not Be Bullish
Experts suggest that a substantial increase in Ethereum staking may not be advantageous for the asset. Low levels of ETH staking could potentially be bullish for the asset. This is due to Ethereum's extensive use cases. It has been projected that ETH staking may not reach the high levels of other layer-1 blockchains even with liquid staking incentives.
Ethereum Prices Hold Steady
ETH prices have been holding above $2,000 for the past six days. It has increased by 11% following the Shapella upgrade, and its current price is at $2,095. However, it is facing strong resistance at its current price levels. A significant price movement is needed to push it to the next level. Meanwhile, a downside swing could see support just over $1,900 revisited.
Kraken Staking Services Affected Ethereum Withdrawals
U.S. regulators closed Kraken staking services earlier this year, resulting in a sizable chunk of Ethereum waiting to be withdrawn. Nansen reports that 5.2% or 979 million ETH is still waiting to be withdrawn. This event has had an impact on the balance of staked ETH on the Beacon Chain.
In relation to forex, the increase in Ethereum staking deposits could potentially impact the value of ETH. The high levels of staking may not be necessarily bullish, but it could influence the market's sentiment towards the asset. Additionally, events such as the closure of Kraken staking services could potentially create volatility in the market, which forex traders could take advantage of. Forex traders may also monitor the support and resistance levels of ETH prices to make informed trading decisions.