Is this Final Pullback Before Ethereum Price Secures $4,000 For Good?

During Thursday’s U.S. market session, the cryptocurrency market witnessed a notable downtick as major digital assets, BTC and ETH, recorded a sharp drop. A 4.2% pullback in Bitcoin signals an intact correction sentiment among traders. While the Ethereum price sustainability below $3,500 hints prolonged downtrend, the increased staking activity could assist in a quick rebound.

Currently, the ETH price trades at $3,340 with an intraday loss of 4.4%. According to Coingecko, the global crypto market cap is at $3.47 Trillion, while the 24-hour trading volume is at $1.2 Billion.

Key Highlights:

• A steady uptrend in ETH staking indicates growing adoption, increased network security, and investors’ long-term commitment
• The $3,100 level stands as key support for buyers to replenish exhausted bullish momentum.
• Ethereum price sustainability above the 200-day exponential moving average and 50% Fibonacci retracement level.

Ethereum Staking Hits Record High

Ethereum staking continues to demonstrate robust growth, with total staked ETH surpassing a staggering 54 million, according to data from IntoTheBlock. This achievement highlights the sustained confidence of investors and validators in Ethereum’s proof-of-stake (PoS) ecosystem.

Currently, restated ETH accounts for approximately 10% of the total staked ETH, translating to 5.22 million ETH. This reflects a growing trend among Ethereum validators to reinvest their rewards, further solidifying the network’s decentralized security.

ETH Staking | Intotheblock

A sustained uptrend in Ethereum staking and restaking emphasized consistent adoption, increased network security, and long-term commitment to asset future growth.

Key Support to Watch in Ethereum Price Correction

Amid the broader market correction, the Ethereum price dropped from $4,108 to $3,342, registering a loss of 18.75%. The falling price breakdown of $3,500 and the 50-day EMA slope indicate a bearish shift in a short-term trend.

With sustained selling, the ETH coin could plunge another 7% to test support at $3,100. The aforementioned level, backed by a 200-year EMA and 50% FIB, projects a high area of interest (AOI) for buyers to retake control.

ETH/USD -1d Chart

With the broader market bullish and sustained ETH staking, the altcoin price is poised to recuperate bullish momentum in the near term. This potential could surpass the $4,000 resistance, followed by $4,800.

Also Read: Ethereum’s $MOODENG Soars by 79% Following Vitalik’s Adoption of MOODENG

Source