According to Onchain Insights, Ethereum's ecosystem is experiencing significant changes. Ethereum staking has reached an all-time high, while the amount of ETH on exchanges has hit record lows, suggesting a potential supply squeeze that could boost ETH's price. On-chain data also indicates increased confidence in Ethereum's long-term viability, as investors move their holdings into staking and self-custody. The derivatives market for Ethereum has seen increased activity, with trading volumes and open interest surging. However, only 29% of ETH holders are currently in profit, highlighting the impact of recent price declines. Despite short-term price pressures, the fundamentals of Ethereum remain strong. Analysts project that Ethereum's price will stabilize by December 2024, with a peak value expected and an estimated average trading price for the month.
- Content Editor ( coinedition.com )
- 2024-11-07
Ethereum Staking Surges as Exchange Reserves Hit Record Lows: Bullish Signal for ETH?