Ethereum's price has once again demonstrated a decline, falling below the critical level of $2,300 while staking metrics continue to rise.
Price Dynamics of Ethereum
Ethereum's price dropped to $2,256.24, which is a 7.43% decrease over the last 24 hours. The asset's value fluctuated between $2,378 and $2,412. Analysts highlight that the drop below $2,434 was a significant point, and unless Ethereum recovers above this level, trader sentiment is likely to remain bearish.
Increased Activity on Centralized Exchanges
Data indicates that address 0x3FF0 sold 3,158 ETH for $2,378, receiving $7.51 million, while address 0x4F12 sold 2,298 ETH for a similar amount. Activity on centralized exchanges has increased, which may suggest preparation for liquidation or active trading amid price uncertainty.
Surge in Ethereum Staking
Despite recent price fluctuations, Ethereum staking has hit 35 million ETH, representing 28.3% of the total supply. The data shows steady growth in the number of staked ETH, indicating investor confidence in Ethereum's Proof-of-Stake model.
The current price changes of Ethereum and the rise in staking highlight the volatility in the cryptocurrency market, but also reaffirm participants' confidence in Ethereum's future.
