Ethereum soars to new yearly highs while buyers target highs above $1,400 in the short term. ETH 2.0 staking hits 2% of the total Ethereum supply, thus reducing the overhead pressure.
Ethereum is currently on an incredibly bullish run after outperforming the new yearly highs. At the time of writing, the flagship token is exchanging hands at $1,260. If the bullish scenario remains intact, Ethereum is likely to hit high traded in January 2018.
Ethereum 2.0 staking now at 2% of the total ETH supply
The staking on Ethereum 2.0 began in November 2020 to ensure ample time to achieve the minimum requirements. The Genesis event of ETH 2.0 required that “at least 16,384 of 32-ETH validator deposits seven days before Dec 1. If not, the genesis event would postpone seven days after.”
Several weeks following the launch, investors are still staking their tokens. The need to stake varies from one investor to the other. Some are staking to earn rewards on the locked funds, while others would like to secure the network. At the moment, the Ether that has already been locked in the new protocol has hit nearly 2.3 million.
The weekly chart highlights a golden cross pattern, suggesting that the bullish narrative still has room for growth. A golden cross forms when a shorter-term moving average crosses above a longer-term moving average. The 50 SMA holding ground above the 100 SMA shows that buyers are generally in control.
Similarly, the Relative Strength Index has remained in the overbought region for a while. In other words, the price action can give a blind eye to the overbought situation and perhaps continue with the rally eyeing $1,400.
Thanks for sharing this CoinGape! This is definitely an interesting chart to watch. Keep up the analysis and research!
Aiko89
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Some Will get very rich and perhaps pull out in time and not get greedy to become richer. Others Will get incredibly poor and ruin Their life financially. It is way overbought now as is Bitcoin. Its tempting but not worth the risk to fomo in now in my view.
Wait for a pullback if you are wise. Nothing goes up forever. Dont fomo in now. Markets are way overheated now. Buy thing that are hated now but with good longterm records. Trends always change like night and day.
But great presentation however.
tjcnguyens
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@Aiko89, where do you think we are on the "Psychology of the market?" I believe we may be at Hope and going into Optimism. Also if you were to look at the google trend's for bitcoin and ethereum, it's no where near it was back in 2017. If you do are waiting to get in, what levels are you looking at?
leungtyrone
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@Aiko89, totally agree whales pushing this up with futures liquidating shorts while retail thinks people actually buying here than they buy 40k plus and whales dump back to 30k seen it to many times
bizmatej
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Will go more than ATH.
Blueprint77
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@Metheus, how sure are u?
Jbergene
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ethereum have reach ATH in market cap. so be careful.