Key Points
- Ethereum has seen a recovery in its price post-Bitcoin halving, but the volume of new stakes remains low.
- Despite an overall increase in total Ethereum staked, recent days have seen more outflows than inflows.
Ethereum’s Recovery and Staking Situation
While altcoins experienced a price decline as the Bitcoin halving approached, Ethereum was among the assets that showed a significant recovery.
However, the recovery in the volume of new Ethereum stakes has not been as successful.
A close look at Ethereum’s staking chart shows a substantial downturn in the volume of new stakes in recent days.
The volume of staked Ethereum peaked at over 115,000 at the start of the previous week, but this figure has since decreased.
More Outflows than Inflows
The volume of new stakes currently stands at 31,441, marking a decline of over 80,000.
If this downward trend continues, it could set a new record low, despite the total Ethereum staked surpassing 43.9 million.
The growth in the total number of staked Ethereum has been nearly stagnant, indicating a lack of significant influx.
In recent days, Ethereum has seen more outflows than inflows, except for the 20th of April.
By the end of that day, Ethereum experienced an inflow of over 20,000, which is significantly lower than the volume of outflows.
On the 18th of April, Ethereum saw an outflow exceeding 144,800, one of the largest outflows recently.
Currently, over 14,000 outflows have been recorded, indicating a trend where more Ethereum is leaving exchanges.
The staking chart suggests that most of the withdrawn Ethereum is not being staked, which could be a positive sign for the asset, as it implies that holders anticipate a price increase.
This sentiment is particularly strong given the recent Bitcoin halving, fostering beliefs that a rally may commence.
Ethereum ended the week on a positive note, with a more than 3% increase, reaching approximately $3,157.
It started the week near $3,158 but faced several days of declines after that. At the time of this writing, it was trading at around $3,177, with a rise of less than 1%.
Its Relative Strength Index (RSI) indicated that it dipped below the neutral line on the 11th of April. At the time of this writing, it remained below this line, though there was a noticeable improvement.
