Ethereum’s 35M ETH Staked: Bullish Future or Short-Term Dip?
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Ethereum (ETH) recently saw a price pullback to around $2,498 after reaching $2,800 mid-June, despite strong on-chain activity. However, positive on-chain indicators suggest a bullish outlook. Over 35 million ETH are now staked, a new record, driven by over 500,000 ETH staked in the first half of June alone. This increase in staked ETH reduces circulating supply, potentially impacting future price movements positively. Furthermore, accumulation addresses—wallets receiving but never transferring ETH—hold a record 22.8 million ETH, indicating long-term investor conviction and potential future price appreciation. This significant accumulation and staking suggest an increasingly illiquid supply, creating upward price pressure if demand rises. Technical analysis adds another layer to the bullish narrative. A crypto analyst, Bitcoinsensus, points to a multi-year “bullish flag” pattern on ETH charts since 2021. If this pattern plays out, Ethereum could surge toward $8,000. However, this projection depends on various factors, including macroeconomic conditions, ETF flows, and continued positive on-chain fundamentals. The current market situation presents a complex picture: a short-term price dip against a backdrop of strong long-term indicators and technical analysis suggesting substantial future growth potential for ETH. The interplay of these factors will determine whether the current consolidation phase transitions into a major price explosion.
