• Ethereum data reveals that the amount of cryptocurrency currently staked just reached a new high at 22.8 million ETH.
• ETH holders staking their coins are more focused on a longer time frame and passive gains.
• A 2.8% pullback occurred at the time of writing after a brief push above the 50% RSI level.
Staked ETH Reaches New High
Ethereum data recently revealed that the amount of cryptocurrency currently staked just reached a new high at 22.8 million ETH. This is an important observation for the Ethereum network because it underscores a long term focus from ETH holders staking their coins to gain passive returns over time.
ETH Supply Last Active At Four-Week Low
The latest Glassnode alert showed that ETH supply last active just reached a new four-week low, indicating slowing trading activity across the crypto markets as well as fewer coins in circulation actively being moved around in the market.
Price Action Unresponsive To Growth
Despite this healthy growth, however, Ethereum’s price action has been relatively dormant over past weeks and failed to respond positively to news about its growing number of staked tokens.
Recent Price Pullback
ETH experienced a 2.8% pullback at the time of writing after attempting to break through the 50% Relative Strength Index (RSI) midpoint – similar bearish behavior was seen when it attempted this breakout before, suggesting another wave of selling pressure could be coming soon if current patterns persist further.
Conclusion
Overall, while Ethereum’s recent growth in terms of its number of staked tokens is certainly good news for long term investors looking for passive returns, short term traders may want to keep an eye out for signs that this could be followed up by deeper corrections in its price action if current patterns continue into next week.