ETH Staking Stats Support a Run at $1,950 Amidst SEC Appeal Talk

Key Insights:

• ETH avoided the red for the second session on Friday, ending the day flat at $1,892.
• Staking statistics and an upward trend in staking APR offset news of SEC plans to appeal the SEC v Ripple ruling.
• However, the shorter-term technical indicators remain bearish, signaling a fall to sub-$1,850.

Ethereum (ETH) ended the day flat on Friday. After gaining 0.16% on Thursday, ETH ended the day at $1,892. While avoiding the red, ETH wrapped up the day at sub-$1,900 for the fourth consecutive session.

Ethereum Price Action

This morning, ETH was up 0.09% to $1,894. A range-bound start to the day saw ETH fall to an early low of $1,892 before rising to a high of $1,898.

Daily Chart

The Daily Chart showed ETH/USD sitting at the $1,895 – $1,865 support band, with resistance at $1,900 capping early gains.

However, ETH/USD currently sits above the 50-day ($1,874) and 200-day ($1,775) EMAs, signaling bullish momentum over the near and longer term. Notably, the 50-day EMA widened further from the 200-day EMA, affirming the near-term bullish trend.

Looking at the 14-Daily RSI, the 50.62 reading signaled a moderately bullish outlook, aligned with the 50-day and 200-day EMAs. Significantly, the RSI supports a breakout from $1,900 to target $1,950 and the $2,075 – $2,105 resistance band.

4-Hourly Chart

Looking at the 4-Hourly Chart, the ETH/USD faces strong resistance at $1,900. While ETH/USD sat at the upper level of the $1,895 – $1,865 support band, ETH remained below the 50-day EMA ($1,905). However, ETH held above 200-day EMA ($1,886), sending bearish near-term but bullish longer-term price signals.

Significantly, the 50-day EMA narrowed to the 200-day EMA, signaling a fall through the 200-day EMA ($1.885) to bring the lower level of the $1,895 – $1,865 support band and sub-$1,850 into view.

However, a move through the 50-day EMA ($1,905) would bring $1,950 and the $2,075 – $2,105 resistance band into play.

The 14-4H RSI reading of 46.25 sends bearish ETH price signals, with selling pressure outweighing buying pressure. Significantly, the bearish RSI supports a fall through the 200-day EMA ($1,885) to bring the lower level of the $1,895 – $1,865 support band and sub-$1,850 into view.

Staking Statistics Mute SEC and US Lawmaker Chatter

It was another busy session on Friday, with US Democratic Party lawmaker chatter drawing interest. In response to the introduction of the Financial Innovation and Technology for the 21st Century Act, Democratic Party members of the House Committee on Agriculture spoke of more pressing matters than crypto regulations, raising doubts over progressing the Act through the corridors of power.

On Thursday, the House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chairman Dusty Johnson, Financial Services Subcommittee on Digital Assets Chairman French Hill, and Agriculture Committee Chairman Glenn “GT” Thompson introduced legislation to provide the digital asset space clarity and consistency.

News of the SEC planning to appeal the SEC v Ripple ruling was also bearish, leaving ETH at sub-$1,900.

However, staking statistics from Thursday were bullish, delivering ETH price support.

Staking Statistics Remain Bullish on Friday

According to CryptoQuant, staking inflows slipped from 85,504 ETH on Thursday to 80,384 on Friday. While staking inflows remained below the 100,000 threshold on Friday, staking inflows were elevated compared to recent trends.

The overnight withdrawal profile was bearish, with principal withdrawals at above-normal levels. However, withdrawal projections for the morning session are bullish. Projections show ETH withdrawals will remain at normal withdrawal levels throughout the morning.

On Friday, the net staking balance stood at a 96,950 ETH surplus ($184.26 million), down 21% over 24 hours. Deposits totaled 102,720 versus withdrawals of 5,770 ETH.

According to TokenUnlocks, total pending withdrawals stood at 31,860 ETH, equivalent to approximately $80.38 million. Notably, the staking APR stood at 5.77%, up 0.17% over 24 hours. The recent rise in the ETH staking APR and higher staking inflows are price positive.