Ethereum Staking Rise and Market Trends: What You Need to Know

In the last few weeks, Ethereum has seen a significant increase in staking inflows, surpassing the 16,000 ETH mark.

This increase was particularly noticeable in late July and mid-August. Such extensive staking activities could be related to the recent price declines, suggesting a possible correlation between these events.

Total staking inflows exceeded 16,000 $ETH

“This pattern is visible in late July and mid-August and suggests a possible correlation where large staking events could influence or coincide with price declines.” – By @3AMRTAHA_

Link 👇 pic.twitter.com/SiN3EvG6fQ

— CryptoQuant.com (@cryptoquant_com) 16 August 2024

In addition, Ethereum's gas fees have dropped dramatically. On August 10, the median gas fee fell below 2 Gwei for the first time in five years and recently dipped briefly below 1 Gwei. This reduction in transaction costs highlights a notable shift in network activity and efficiency.

Last week, the median Ethereum gas fee hit a new five-year low. On August 10, the median Ethereum gas fee was below 2 Gwei for the first time in the last five years. Recently, the real-time Ethereum gas fee was below 1 Gwei at one point.

— Wu Blockchain (@WuBlockchain) 16 August 2024

Technical analysis shows a bearish signal on Ethereum's hourly chart, as shown by the TD Sequential indicator, suggesting a possible short-term correction of one to four candles.

The TD Sequential shows a sell signal on the #Ethereum $ETH Hourly chart, expect a correction of one to four candles! pic.twitter.com/SzoNdp2uC9

— Ali (@ali_charts) 16 August 2024

Ethereum could fall further to $2,300

If Ethereum continues its downtrend, a key support level to keep an eye on is between $2,300 and $2,380. This area is significant because 1.62 million addresses have purchased over 50 million ETH in this zone, making it a key point for traders.

If #Ethereum continues its downtrend, an important support zone lies between $2,300 and $2,380, where 1.62 million addresses have bought over 50 million $ETH. pic.twitter.com/11LZcqicUU

— Ali (@ali_charts) 16 August 2024

In the ETF space, Ethereum recorded a net outflow of $39.2111 million on August 15. The Grayscale ETF (ETHE) recorded an outflow of $42.5234 million, while the Fidelity ETF (FETH) recorded an inflow of $2.5420 million. Currently, the total net asset value of Ethereum spot ETFs is $7.160 billion.

As of August 15, the total net outflow of Ethereum spot ETF was $39.2111 million. Grayscale ETF ETHE had an outflow of $42.5234 million, Fidelity ETF FETH had an inflow of $2.5420 million, and the total net asset value of Ethereum spot ETF was $7.160 billion.…

— Wu Blockchain (@WuBlockchain) 16 August 2024

These developments highlight a dynamic phase for Ethereum, with key support levels and ETF movements shaping the current market landscape.

Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.

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