Binance CEO CZ sees Ethereum (ETH) bullish, reaching a significant milestone in network metrics. Recently, the leader shared a tweet in which he voiced his support for the altcoin.
ETH pools peak: Binance CEO sees bullish sign
Changpeng Zhao, founder and CEO of Binance, shared his views on Ethereum’s recent historic peak. As reported by Nansen research company, the amount of ETH staked on the Ethereum Beacon Chain has exceeded 19.3 million. This locked amount represents an all-time high.
The growing ETH staking pools reflected interest in Ethereum’s PoS algorithm in particular. At this point, CZ expressed his belief that the Ethereum price will increase: “You know what happens next”.
Locked ETH at ATH. You know what follows? https://t.co/3xS8OoCfT9
— CZ 🔶 BNB (@cz_binance) May 11, 2023
Locked ETH hits record high
Recent data shows that the amount of Ethereum locked has exceeded 19 million ETH and the network has reached a TVL of $27.7 billion. This achievement is considered an important milestone, along with Ethereum’s rapid growth potential, although there has been a small drop due to recent withdrawals.
Investors have increased interest in ‘staking’ investments with the adoption of Ethereum’s PoS algorithm. This raises expectations for “burning” transactions that will result in an increase in the price of ETH and a decrease in its supply.
The hype about Ethereum-based meme coins and increasing staking began to wane as the focus shifted to BRC-20 tokens on the Bitcoin network. According to data from Beaconcha.in, Ethereum’s staking rates, which hit a post-merger high of 8.6% on May 5 due to rising gas fees, started to decline. At the time of writing, the rate was 6.72%.
How far is the leading altcoin from the rally?
As you follow on Kriptokoin.com, Binance announced today that it has reduced the processing time of ETH staking withdrawal requests to five days. This development means additional selling pressure on the ETH price. However, today volatility (IV) for ETH has dropped to an all-time low.
On the daily chart, ETH remained below neutral points on the main momentum indicators. This shows that the selling pressure outweighs the buying pressure. For example, ETH’s RSI was 44.97. Likewise, the Money Flow Index (MFI) was 48.24.
In summary, ETH price is trading at $1,800, down 3.7% in the last 24 hours due to market uncertainty. Technical analysis shows that it could return to $1,500, down 17% below critical support.
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