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Key Insights:
- On Saturday, ETH joined the broader market in the red, falling 0.95% to end the day at $1,876.
- A quiet Saturday session left staking statistics to pin ETH back from a return to $2,000.
- However, the technical indicators remain bullish, signaling a return to $2,000.
Ethereum (ETH) fell by 0.95% on Saturday. Partially reversing a 1.18% gain from Friday, ETH ended the day at $1,876. Significantly, ETH avoided sub-$1,800 for the third consecutive session.
After a range-bound morning, ETH rose to a midday high of $1,907. Falling short of the First Major Resistance Level (R1) at $1,933, ETH fell to a late-session low of $1,866. However, steering clear of the First Major Support Level (S1) at $1,858, ETH steadied to wrap up the day at $1,876.
ETF News and the Launch of EDX Markets Delivered Further Support
It was a quiet Saturday, with no crypto events to move the dial. The lack of news left investors to consider the recent SEC approval of a leveraged BTC ETF and the likely impact of the launch of EDX Markets on the US digital asset space.
ETH is among the four cryptos the platform will support near term, a bullish price scenario should EDX Markets eat into the market share of existing mainstream players, including Binance.US and Coinbase.
However, the staking statistics continued to test buyer appetite, with a downward trend in the staking APR impacting staking inflows.
ETH Staking Statistics Signal Bearish Sentiment
According to CryptoQuant, staking inflows fell from 55,488 ETH on Friday to 34,880 on Saturday. While the decline was bearish, staking inflows followed a similar weekend pattern.
The total value staked climbed at a less marked pace, with the fall in ETH staking inflows and net staking deficit a drag.
The overnight withdrawal profile was bullish, with principal withdrawals at normal levels. However, withdrawal projections for the morning session were more bearish. Projections show principal ETH withdrawals will spike before easing back.
On Saturday, the net staking balance stood at a 4,940 ETH deficit (-16.08%), equivalent to a $9.32 million deficit. Deposits totaled zero versus withdrawals of 4,940 ETH.
According to TokenUnlocks, total pending withdrawals stood at 52,550 ETH, equivalent to approximately $99.03 million. Notably, the staking APR stood at 5.86%, down 0.68% over 24 hours. The continued decline in staking APR remains a drag on staking inflows.
The Day Ahead
It is a quiet Sunday session, leaving the crypto news wires and the staking statistics to provide direction. A rebound in staking APR would support a rise in staking inflows and a run at $2,000.
While the staking statistics are negative, EDX Markets could deliver further price support. A successful start could fuel bets of an increase in user base and greater demand for ETH.
However, beyond the staking statistics, investors should track SEC v Ripple, SEC v Binance, and SEC v Coinbase (COIN)-related news.
Ethereum Price Action
This morning, ETH was up 0.56% to $1,886. A mixed start to the day saw ETH fall to an early low of $1,870 before rising to a high of $1,888.
ETH Technical Indicators
Looking at the EMAs and the 4-hourly candlestick chart (below), it was bullish signals. Ethereum sat above the 50-day EMA, currently at $1,829. The 50-day EMA pulled further away from the 200-day EMA, with the 100-day EMA closing in on the 200-day EMA, delivering bullish signals.
A bullish cross of the 100-day EMA through the 200-day EMA would support a breakout from R1 ($1,900) to target R2 ($1,924) and $1,950. However, a fall through S1 ($1,859) would bring S2 ($1,842) and the 50-day EMA ($1,829) into view. A fall through the 50-day EMA would send bearish signals.
Resistance & Support Level
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