- Ethereum outflows are increasing, but new stakes are decreasing.
- ETH continued to recover even after the BTC halving.
as bitcoin [BTC] As the halving approaches, altcoin prices have fallen. Our analysis shows that Ethereum is one of the assets that has seen a significant recovery after the halving.
However, the recovery of ETH staking remained difficult.
Ethereum daily staking decreased
AMBCrypto investigated the Ethereum staking chart and found that the amount of new staking has decreased significantly over the past few days.
The chart shows that the amount of ETH staked increased at the beginning of the previous week, reaching a peak of over 115,000 by April 15th. However, this amount began to decrease.
As of this writing, the amount of new stakes was 31,441, a decrease of over 80,000.
Source: Glassnode
Although this is not a daily low for ETH, it could set a new record if this decline continues. Furthermore, as of this writing, the total ETH stake is over 43.9 million.
Despite the overall increase, a closer analysis of the chart shows that its progress has largely stalled, lacking significant inflows recently.
Outflows dominate Ethereum flow trends
With the exception of April 20th, Ethereum has seen more outflows than inflows in recent days.
AMBCrypto's analysis of Netflow charts on Glassnode revealed that by the end of the day, ETH inflows were over 20,000, significantly lower than outflows.
On April 18th, ETH experienced an outflow of over 144,800, making it one of the largest outflows in recent times.
As of this writing, over 14,000 outflows have been recorded, indicating a trend of more ETH leaving the exchange.
Source: Glassnode
Based on the trajectory of the staking chart, it is clear that most of the withdrawn ETH is not staked. This is a positive indicator for the asset, suggesting that holders were expecting the price to rise.
This sentiment was especially strong given Bitcoin's recent halving, fueling the belief that a rally may be starting.
ETH continues to be bearish
AMBCrypto’s observation of Ethereum on the daily time frame reveals a positive conclusion this week. ETH rose more than 3% and reached around $3,157 by the end of the week.
read ethereum [ETH] Price prediction for 2024-2025
It started the week near $3,158, but then faced a decline over the next few days. At the time of writing, it was trading at around $3,177, an increase of less than 1%.
The Relative Strength Index (RSI) showed that it fell below the neutral line on April 11th. As of this writing, we are still below this line, although there has been a noticeable improvement.
Source: TradingView
