• Ethereum’s price has risen 2% in the last 24 hours following the enabling of ETH staking withdrawals on Lido.
• The majority of these outflows are from bankrupt cryptocurrency lender Celsius, leading to a net outflow of ETH since withdrawals were enabled.
• ETH’s indicators are looking promising and its trading volume is above $7 billion, indicating that it may soon break above $1,870 resistance.
Ethereum Price Gains Following Staking Withdrawals Enabled
The Ethereum price has seen a 2% rise in the past 24 hours, with its current price standing at $1,855. This increase follows the enabling of staking withdrawals on Lido, which has seen a net outflow of ETH since last week. Despite this outflow, deposits have still been higher than withdrawals due to bankrupt cryptocurrency lender Celsius accounting for most of the withdrawal activity.
ETH Indicators Looking Promising
ETH’s indicators are looking very positive with its relative strength indicator peaking above 70 earlier today and its 30-day moving average rising over its 200-day average – signaling a possible breakout in the near future. A key factor in any rally will be whether or not ETH can break through the $1,870 resistance level, something which it failed to do earlier today but may still attain with continued buying momentum behind it.
Staked ETH Increasing On Lido
Lido currently holds around 6.6 million staked ETH and although it saw net outflows when withdrawals were enabled last week, these were mostly due to one party (Celsius) needing funds urgently. This means that there has actually been an increase in staked Ethereum since then as more users choose to deposit their tokens for staking purposes rather than take them out for selling purposes.
Trading Volume Above $7 Billion
The trading volume for Ethereum is currently well above $7 billion which gives it additional impetus to break past the aforementioned resistance level and potentially reach new all-time highs if demand remains strong enough in spite of potential sell pressure from Celsius’ large holdings being liquidated.
Overall, Ethereum looks set for further gains driven by increased staking activity on Lido as well as by strong trading volumes and bullish technical indicators – making now a good time to buy into this top crypto asset before prices start going up too quickly again!