ETH Staked Withdrawal Profile Signals a Return to $2,200

Key Insights:

• It was a bullish end to a bullish week, with ETH rising by 1.29% to end the day at $2,120.
• Staking inflow and withdrawal statistics continued to deliver support while BTC moved sideways.
• The technical indicators remain bullish, signaling a run at $2,300.

Ethereum (ETH) rose by 1.29% on Sunday. Reversing a 0.43% loss from Saturday, ETH ended the week up 13.99% to $2,120. ETH wrapped up the day at $2,100 for the second time in three sessions and the second time since May 2022.

A bearish start to the day saw ETH fall to an early low of $2,074. Finding support at the First Major Support Level (S1) at $2,074, ETH rose to an early evening and new 2023 high of $2,143. ETH broke through the First Major Resistance Level (R1) at $2,113 and briefly through the Second Major Resistance Level (R2) at $2,132 before easing back.

ETH Staking Statistics Deliver a Bullish Sunday Session

Staking statistics continued to influence investor sentiment on Sunday. Staking inflows surged, with total value-staked also sending bullish signals. Immediate fears of post-Shapella Upgrade mass withdrawals have eased, supporting the post-Shapella Upgrade rally.

Staking inflows rose for the sixth time in seven sessions on Sunday. According to CryptoQuant, staking inflows surged from 38,840 ETH on Saturday to 119,424 on Sunday, the highest level since February.

Total value staked figures also continued to deliver bullish signals, rising sharply through the weekend and this morning.

The post-Shapella Upgrade ETH withdrawals profile and Monday projections support another bullish session ahead.

According to TokenUnlocks, total pending withdrawals stood at 0.888 million ETH, equivalent to approximately $1.86 billion, primarily comprised of reward withdrawals.

It is worth noting that the withdrawal profile on April 16 briefly shifted to a principal concentrated withdrawal profile, which led to the first daily loss from six sessions. Withdrawals in line with projections should deliver ETH price support.

The Day Ahead

Investors should continue monitoring ETH staking statistics. Depressed principal withdrawals would continue providing price support. Staking inflows and total value staked figures also need to support a bullish session.

However, updates from the ongoing SEC v Ripple case and Binance and Coinbase (COIN)-related news will also need consideration.

Ethereum Price Action

At the time of writing, ETH was down 1.03% to $2,098. A mixed start to the day saw ETH rise to an early high of $2,122 before falling to a low of $2,073. ETH briefly fell through the First Major Support Level (S1) at $2,182

ETH Technical Indicators

ETH needs to move through the $2,112 pivot to target the First Major Resistance Level (R1) at $2,151. A move through the Sunday high of $2,143 would signal a breakout session. However, the crypto news wires and staking statistics need to support a breakout.

In the event of an extended rally, the bulls would likely test the Second Major Resistance Level (R2) at $2,181 and resistance at $2,200. The Third Major Resistance Level (R3) sits at $2,250.

Failure to move through the pivot would leave the First Major Support Level (S1) at $2,082 in play. However, barring an event-fueled crypto market sell-off, ETH should avoid sub-$2,050 and the Second Major Support Level (S2) at $2,043. The Third Major Support Level (S3) sits at $1,974.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. Ethereum sat above the 50-day EMA, currently at $2,004. The 50-day EMA pulled further away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish signals.

A hold above the Major Support Levels and the 50-day EMA ($2,004) would support a breakout from R1 ($2,151) to give the bulls a run at R2 ($2,181) and $2,200. However, a fall through S1 ($2,082) would bring S2 ($2,043) and the 50-day EMA ($2,004) into view. A fall through the 50-day EMA would signal a bullish trend reversal.