Ethereum 2.0 Staking on a Steady Rise Despite Worsening Bearish Momentum
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Based on its report, Glassnode explained that the amount of Ethereum staked is 10.73% of the circulating supply.
However, other sources have published slightly varying data, with the Ethereum Launchpad dashboard reporting 13.36 million ETH staked, which is 11% of the total circulating supply.
Regardless, the significant amount of Staked ETH is a reassuring vote of confidence for the Ethereum ecosystem despite the ongoing struggle to pull through a bear market plagued with negative sentiments and FUD.
Meanwhile, the highly-anticipated Merge is slated to occur in August, provided things proceed accordingly.
Notably, many crypto community members seem to have inaccurate expectations of how the staked ETH will be returned to owners after The Merge. This expectation of the market to immediately get flooded with tokens after the event is unlikely for several reasons. One of these reasons is that staked tokens will not be released after the Merge to secure the network and maintain consensus. Also, ETH tokens will be distributed in small installments, so they will trickle back into the market rather than flood it.
Key Ethereum Levels to Watch — June 3
Ethereum is on the verge of retesting the critical $1700 support as bears keep the pressure. Along with past instances, I expect a rebound from this support if ETH eventually taps it over the weekend.
Already, the second-largest cryptocurrency is in oversold conditions but a drought in trading volume and the overall market bias makes it unlikely for a surge to occur anytime soon.
The recent downward swing came after ETH suffered a failed attempt to break the 4-hour 100 EMA earlier this week, making that technical line the primary level to break to ease the raging bearish momentum.
Meanwhile, my resistance levels are $1,800, $1,900, and $2,000, and my support levels are $1,700, $1,600, and $1,500.
Total Market Capitalization: $1.22 trillion
Ethereum Market Capitalization: $212.1 billion
Ethereum Dominance: 17.4%
Market Rank: #2
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