Ethereum Prices Forecast: ETH-Futures ETF Buzz and Staking Stats Drive Price Support

Key Insights:

• ETH sees a 0.48% gain on Saturday, countering Friday’s 1.25% dip but remains under $1,700.
• ETH-Futures ETF chatter amplifies as SEC appears set to approve pending applications.
• Despite the bullish scenario, withdrawal projections paint a bearish image for ETH.

Saturday Overview

Ethereum (ETH) gained 0.48% on Saturday. Partially reversing a 1.25% loss from Friday, ETH ended the day at $1,669. Despite the bullish session, ETH fell short of $1,700 for the second consecutive session.

ETH-Futures ETF Chatter and Staking Statistics Deliver Price Support

On Saturday, Ether-Futures ETFs provided further price support after the Thursday recovery from the current-week low of $1,572.

On Thursday, news hit the wires of the SEC planning on approving ETH-Futures ETF applications. The influence on investor sentiment was evident, with ETH bucking the broader market trend on Saturday.

While the approval of ETH-Futures ETFs will not fuel an inflow of institutional money, the SEC approvals will lead the way to the launch of ETH-Spot ETFs. An influx of sticky institutional money would be a bullish signal and likely fuel an extended bull run.

However, staking statistics were also price positive, contributing to the Saturday gain. On Friday, staking inflows jumped from 36,064 (Thurs) to 92,000. The net staking balance was also bullish, with the net staking balance standing at a 41,680 surplus on Saturday morning ($73.62 million), up 499% over 24 hours.

Staking statistics are a barometer of investor sentiment, with an increase in staking inflows and net staking balance suggesting bullish sentiment.

(Values are in ETH unless otherwise stated).

Staking Statistics Turn Bearish as Withdrawal Projections Spike

Staking inflows declined on Saturday, though the decline was modest considering crypto market conditions.

According to CryptoQuant, staking inflows fell from 92,000 on Friday to 62,624 on Saturday. Despite the decline, inflows remained elevated relative to recent weekend trends.

The overnight withdrawal profile remained relatively bearish, with principal withdrawals at above-normal levels. Withdrawal projections for the morning session turned more bearish. Projections show withdrawals will remain at above-normal withdrawal levels throughout the morning.

An increase in ETH withdrawals could lead to an ETH flow to exchanges to pressure current price levels through increased supply.

On Sunday morning, the net staking balance stood at a 94,450 surplus ($158.25 million), up 126.6% over 24 hours. Deposits totaled 104,520 versus withdrawals of 10,070.

According to TokenUnlocks, total pending withdrawals stood at 38,500, equivalent to approximately $64.23 million. Notably, the staking APR stood at 4.97%, up 1.22% over 24 hours. The upward trend in staking APR, the rise in the net staking balance, and relatively steady pending withdrawals are bullish price signals.

(Values are in ETH unless otherwise stated).

Ethereum Price Action

This morning, ETH was down 0.04% to $1,669. A mixed start to the day saw ETH rise to an early high of $1,675 before falling to a low of $1,665.

Daily Chart

The Daily Chart showed ETH hovering at the upper level of the $1,670 – $1,650 support band. Despite the bullish Saturday session, ETH remained below the 50-day and 200-day EMAs, sending bearish near and longer-term price signals.

Looking at the 14-Daily RSI, 22.03 showed ETH in oversold territory. However, the RSI aligns with the EMAs, signaling a fall through the $1,670 – $1,650 support band to bring sub-$1,600 into play. A move through $1,700 would give the bulls a run at the 200-day EMA and the $1,795 – $1,815 resistance band.

4-Hourly Chart

Looking at the 4-Hourly Chart, the ETH/USD continues to face strong resistance at $1,700. ETH sits at the upper level of the $1,670 – $1,650 support band. However, ETH remains below 50-day and 200-day EMAs, affirming bearish near and longer-term price signals.

An ETH return to $1,700 would bring the 50-day EMA and the $1,795 – $1,815 resistance band into play. However, failure to break out from the upper level of the $1,670 – $1,650 support band would leave sub-$1,600 in view.

The 14-4H RSI reading of 26.60 shows ETH sitting in oversold territory, with selling pressure outweighing buying pressure. Significantly, the RSI aligns with the 50-day EMA, signaling a return to sub-$1,600.