Ethereum Realized Price At 6-Month High As ETH Staking Tops 24 Mln, Is $2500 Next?
Ethereum staking increased significantly after the Shanghai upgrade on April 12, with deposits outpacing withdrawals. According to Etherscan, ETH staking deposits on the Beacon Chain reached another all-time high, with 24.17 million ETH worth $46.03 billion at a price of $1903 as of June 3.
Moreover, total ETH deposits post-Shanghai upgrade is 6 million ETH, while total withdrawals accounts for only 3 million, as per Nansen deposit contract data.
Moreover, Ethereum (ETH) balance on the crypto exchanges has reached a new five-year low. CryptoQuant data indicates that the total amount of ETH held in crypto exchanges dropped to critical levels. ETH on exchanges now stands at almost 16 million, reaching levels not recorded since July 2018. In fact, it has declined 50% since the all-time high.
Interestingly, Nansen data indicates ETH locked has also reached an all-time high of 22.4 million. ETH locked means all ETH that is out of circulation, it includes ETH staked on the Beacon Chain, ETH deposited to the Beacon contract but not validating yet, and rewards on the Beacon chain.
Typically, an increase in the amount of ETH locked and staking led to a decrease in the overall supply of Ethereum tokens available in the market. The decrease in ETH will cause prices to rally higher.
Also Read: Celsius $800M ETH Staking Extends Ethereum Queue
Ethereum Realized Price At 6-Month High
As a result of low ETH supply in the market, Ethereum realized price has hit a 6-month high of $1470. It can be interpreted as the on-chain support for ETH price. The price has now less probability of falling below the level, making institutional investors more inclined to Ethereum than Bitcoin.
As per CoinGape Markets, ETH price can hit $2500 due to the bullish morning star candlestick pattern formed after ETH breakout above the 2-month resistance trendline. In addition, a bullish breakout from the wedge pattern has set the Ethereum price on a recovery track.
ETH price currently trades above $1900, up 5% upside in a week. It indicates that investors are buying on dips in anticipation of a major upcoming rally.
Also Read: Terra Classic Officially Releases Its Biggest v2.1.0 Parity Upgrade Proposal
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
