- 12 million ETH tokens have now been staked on the consensus layer, hitting a key milestone for the altcoin.
- Proponents believe that a high volume of staked Ethereum is a bullish sign and could fuel a rally in the altcoin.
- Ethereum's revenue increased 46% in Q1 2022 as the altcoin gained popularity among users.
Ethereum price volatility has increased uncertainty among investors. However, analysts are bullish on Ethereum and predict a rally in the altcoin.
Ethereum price could wipe out its losses on one condition
Ethereum consensus layer now has 12 million ETH tokens staked on it. A rise in the staked supply of Ethereum reduces its circulating supply. A reduction in circulating supply is bullish for the altcoin's price.
After witnessing volatility in its price, Ethereum is on track to recover its losses. Based on data from Glassnode, the exchange netflow volume is at 6,244 ETH. This represents a bullish bias among investors.
@venturefounder, a crypto analyst and trader, commented on Ethereum's net exchange flow.
The $ETH exchange net flow for the past 1.5 years is just beautiful.
— venturefoundΞr (@venturefounder) April 29, 2022
$2.8k-$3k seems to be the dip that everybody likes. pic.twitter.com/SaQ8AdZ3Aq
Proponents believe investors are bullish on Ethereum because of the much-anticipated merge. The consensus layer deposit contract recently surpassed 12 million ETH tokens, accounting for over 10% of ETH supply in circulation.
$34 billion in ETH is now pulled out of Ethereum's circulating supply, and over 376,000 validators contributed to the same in transactions worth 32 ETH or more. Analysts believe Ethereum price could overcome a 55-day SMA, a key level to confirm bullish bias.
Analysts have identified $3,018.55 as a critical barrier for bulls attempting to make a recovery. If Ethereum price drops below $2,800, analysts have set a downside target of $2,695.79.
FXStreet analysts have identified a buying spree among Ethereum whales, scooping up ETH off of exchanges in a bullish move.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
![Celebrity meme coins controversy continues amid Pump.fun revenue dominance](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
![PEPE's on-chain metrics indicate potential rally after weeks of silence](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/PEPE/PEPE_coin_XtraSmall.jpg)
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
![Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/ethereum_2_XtraSmall.jpg)
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
![Crypto community blasts Polkadot following report of treasury spending](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Polkadot/polkadot-150x150logo-637399979978734311_XtraSmall.png)
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.