ETH Staking Statistics Remain Bullish Supporting a Run at $1,900

Key Insights:

• ETH bucked the broader market trend, gaining 0.05% to end the day at $1,849.
• Bullish staking statistics from Friday offset bearish sentiment toward SEC activity.
• The shorter-term technical indicators remained bearish, signaling a return to sub-$1,800.

Ethereum (ETH) rose by 0.05% on Saturday. Partially reversing a 0.22% loss from Friday, ETH ended the day at $1,849. Significantly, ETH ended a three-day losing streak.

Ethereum Price Action

This morning, ETH was up 0.04% to $1,850. A range-bound start to the day saw ETH rise to an early high of $1,851 before falling to a low of $1,847.

Daily Chart

The Daily Chart showed ETH hovering below the $1,865 – $1,895 resistance band. ETH also sat below the 50-day EMA ($1,861) while holding above the 200-day ($1,790), sending bearish near-term but bullish longer-term price signals. Notably, the 50-day EMA narrowed to the 200-day EMA, a bearish price signal.

Looking at the 14-Daily RSI, the 47.40 reading reflects bearish sentiment, supporting a fall through the $1,815 – $1,795 support band to target the 200-day EMA ($1,790). However, an ETH move through the 50-day EMA ($1,861) would support a breakout from the $1,865 – $1,895 resistance band to target $1,950.

4-Hourly Chart

Looking at the 4-Hourly Chart, the ETH/USD faces strong resistance at $1,850. ETH sits below the $1,865 – $1,895 resistance band and the 200-day EMA ($1,859). However, ETH remained above the 50-day EMA ($1,847), sending bullish near-term but bearish longer-term price signals.

This morning the 50-day EMA eased back from the 200-day EMA, a bearish price signal.

An ETH move through the 200-day EMA ($1,859) would support a breakout from the $1,865 – $1,895 resistance band to target $1,950. However, a fall through the 50-day EMA ($1,847) would bring the $1,815 – $1,795 support band into play.

The 14-4H RSI reading of 52.56 reflects moderately bullish sentiment, with buying pressure outweighing selling pressure. Significantly, the RSI aligns with the 50-day EMA, supporting a breakout from the 200-day EMA to target the $1,865 – $1,895 resistance band.

Staking Statistics Offset SEC Bearish Sentiment Toward the ETF Delay

Staking statistics from Friday delivered much-needed support on Saturday. A surge in staking inflows and an upward trend in the net staking balance drove buyer appetite.

Staking inflows increased from 66,400 ETH on Thursday to 104,192 on Friday. The net staking balance stood at a 51,720 ETH surplus ($95.82 million), up 29% over 24 hours. While both figures were bullish, a rise in pending withdrawals capped the upside.

Spot BTC ETF-related news was also bearish. The SEC turned to the public for comment on the ARK Invest spot BTC ETF application, delaying a decision by 21 days. While a 21-day delay would unlikely have a long-term impact on ETH price action, a lengthy SEC-induced delay to the inflow of sticky institution money would be price-negative.

Investors expect spot ETH ETF applications to follow the approval of one, some, or all of the spot BTC ETFs.

Staking Statistics Signals Send Mixed Signals

According to CryptoQuant, staking inflows tumbled from 104,192 ETH on Friday to 29,568 on Saturday. However, sub-30,000 aligns with weekend trends, which should limit the impact on ETH.

The overnight withdrawal profile was bearish, with principal withdrawals rising to above-normal levels before easing back. Notably, withdrawal projections for the morning session turned bearish. Projections show withdrawals will spike before returning to normal withdrawal levels.

On Saturday, the net staking balance stood at a 94,290 ETH surplus ($174.28 million), up 82% over 24 hours. Deposits totaled 105,440 versus withdrawals of 11,140 ETH.

According to TokenUnlocks, total pending withdrawals stood at 46,640 ETH, equivalent to approximately $86.30 million. Notably, the staking APR stood at 4.95%, unchanged over 24 hours. While the downward trend in staking APR remains bearish, the sharp increase in the net staking balance and withdrawal projections are bullish price signals.