ETH Staking Withdrawals Approved: Get Ready for a Price Surge!
• Ethereum’s price has gained 2% in the past 24 hours, with its price of $1,855 representing a 2% rise in the past week.
• The majority of ETH staking withdrawals on Lido have come from one party (Celsius), meaning everyone else has been depositing ETH for staking.
• Ethereum indicators are in a very promising position, with its relative strength index peaking over 70 and its 30-day moving average rising above its 200-day average.
Ethereum Price Prediction After Lido ETH Staking Withdrawals Approved
Rise in Price
Ethereum’s price has seen a 2% increase in the past 24 hours and a 2% gain over the last week, following the enabling of Etheruem staking withdrawals from Lido. While there have been net outflows since then, most of it has come from one bankrupt company (Celsius). This suggests that prices may be set to continue rising steadily as more people take part in staking.
Indicators Point to Further Gains
The market outlook is further bolstered by Ethereum’s technical indicators which are looking relatively bullish. Its relative strength indicator is currently at an all time high of 70 and its 30-day moving average is now above its 200-day moving average. The key for any rally will be whether or not Ethereum can break out above the $1,870 resistance level.
Lido Staking Platform
Lido is currently the largest staking platform within cryptocurrency ecosystem holding around 6.6 million staked ETH tokens. Despite allowing for withdrawals since last week 82k ETH was still deposited while 454k ETH withdrawn with Celsius accounting for approximately 420k ETH of this amount. This suggests that more traders are opting to stake their tokens rather than withdraw them despite being able to do so – indicating a positive sentiment towards Ethereum going forward.
Growing Trading Volume
The trading volume for Ethereum is also helping bolster confidence as it moves clear of $7 billion – suggesting further gains could be made in the near future if this trend continues as expected.
Conclusion
Overall it appears that things are looking up for Ethereum after Lido enabled withdrawals from their platform and allowed traders to cash out their stakes if they wished too – however many opted to add more tokens instead indicating that sentiment remains strong despite recent events and losses incurred by Celsius when it went bust earlier this year. With increasing trading volumes and positive signs coming from technical indicators it looks like good times lay ahead for etheruem holders who remain invested in this asset class long term – only time will tell how high prices can go!
