Ethereum Price Forecast Remains Bullish As Network Nears Another Milestone

2022-8-13 20:00

Ethereum has been recording win after win over the last month. If it’s not a win in its price, then it is another step forward in its move to being a proof of stake network. These major milestones have reverberated throughout its community, spurring bullish sentiment amongst even the most skeptical of investors. Now, another milestone moving into view for the network promises even better things to come.

Staking Nears 13.3 Million ETH

The amount of ETH staked on the network continues to rise drastically. The first validator node was set over a year ago, and since then, thousands of validators have joined the effort. Along the way, there have been various milestones hit, with Ethereum moving towards another one.

Not long ago, the total number of ETH staked ahead of the Merge had grown to more than 10% of its total supply. Now, with the recent ramp-up and anticipation of the Merge, more ETH is being staked. This has brought the total number of ETH staked to reach almost 13.3 million. What this means is that Ethereum is very close to seeing 11% of its total supply being out of circulation. At current prices, this is more than $25 billion staked in the contract so far.

ETH trading above $1,900 | Source: ETHUSD on TradingView.com

Now, this is not the highest that the dollar value of the staked ETH has been by any stretch, but given that the price of ETH is down more than 50% from its all-time high, it helps to put into perspective just how much is being staked already.

Ethereum Bullish Sentiment Grows

Bullish sentiment in Ethereum is now at one of the highest levels it has ever been. As the Merge draws closer, anticipation is nearing peak levels. This has caused investors to accumulate tokens ahead of what will be one of the most important upgrades in the history of the crypto space.

It is also worthy of note that the digital asset has been up double-digits in the last week alone. This recovery has seen it beat multiple resistance points to break above $1,900. The result of this is more accumulation that continues to send the price sky high.

Presently, the only significant resistance for the digital asset sits at $2,000, a price point bulls are aiming for. A break above this will set the digital asset on a rally towards $2,500, with the most important resistance dwelling at $2,250.

Featured image from Coinmarketcap, chart from TradingView.com

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