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Key Insights:
- ETH joined the broader market in positive territory, gaining 0.37% to end the day at $1,882.
- Staking statistics provided support as investors grappled with the SEC uncertainty.
- However, the shorter-term technical indicators remain bearish, signaling a fall to sub-$1,800.
Ethereum (ETH) gained 0.37% on Saturday. Following a 0.75% rise on Friday, ETH ended the day at $1,882. Despite the bullish session, ETH fell short of $1,900 for the sixth consecutive session.
Ethereum Price Action
This morning, ETH was down 0.13% to $1,879. A range-bound start to the day saw ETH fall from an early high of $1,883 to a low of $1,879.
Daily Chart
The Daily Chart showed ETH hovering within the $1,895 – $1,865 support band. However, ETH sat above the 50-day ($1,873) and 200-day ($1,782) EMAs, sending bullish near and longer-term price signals. Notably, the 50-day EMA pulled away from the 200-day EMA, a bullish price signal.
However, looking at the 14-Daily RSI, the 49.65 reading sends a moderately bearish signal, supporting a fall through the 50-day EMA ($1,872) and the $1,815 – $1,795 support band to target the 200-day EMA ($1,781). However, an ETH hold above the 50-day EMA ($1,873) would support a breakout from the $1,865 – $1,895 support band to target $1,950.
4-Hourly Chart
Looking at the 4-Hourly Chart, the ETH/USD faces strong resistance at $1,900. ETH sits within the $1,895 – $1,865 support band. However, ETH stood above the 50-day EMA ($1,875) while sitting at the 200-day EMA ($1,879), sending bullish near and longer-term price signals.
A breakout from the 200-day EMA ($1,879) and the $1,895 – $1,865 support band would give the bulls a run at $1,950. However, a fall through the 50-day EMA ($1,875) would bring the $1,815 – $1,795 support band into view.
The 14-4H RSI reading of 57.43 sends bullish ETH price signals, with buying pressure outweighing selling pressure. Significantly, the RSI aligns with the 50-day EMA, supporting a breakout from the 200-day EMA ($1,879).
Staking Statistics Delivered Support Amidst SEC Uncertainty
On Saturday, staking statistics from Friday delivered price support, with staking inflows rising to 141,600 ETH, the highest level since June 22.
However, staking APRs tumbled on Saturday, suggesting a sharp decline in staking inflows at the start of the weekend.
While the staking statistics were bullish, SEC uncertainty remained a drag, with investors in limbo while waiting for the SEC decision on the spot BTC ETF applications. The launch of spot BTC ETFs will likely lead to the rollout of spot ETH ETFs.
Staking Statistics Send Bearish Price Signals
According to CryptoQuant, staking inflows tumbled from 141,600 ETH on Friday to 27,328 on Saturday. Significantly, inflows fell to the lowest level since July 24, which coincided with an ETH slide to sub-$1,850.
The overnight withdrawal profile was bearish, with principal withdrawals at above-normal levels. However, withdrawal projections for the morning session are bullish. Projections show ETH withdrawals will return to normal withdrawal levels.
On Saturday, the net ETH staking balance stood at a 131,400 ETH surplus ($245.55 million), up 104% over 24 hours. Deposits totaled 146,690 versus withdrawals of 16,280 ETH.
According to TokenUnlocks, total pending withdrawals stood at 26,830 ETH, equivalent to approximately $50.41 million. Notably, the staking APR stood at 5.56%, unchanged over 24 hours. While the staking APR downward trend was bearish, the surge in net balance surplus was a bullish price scenario.
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