ETH’s Price Is in Decisive Point as ETH 2.0 Staking Rate Picks Up

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  •  Ethereum (ETH) 2.0 deposit contract addresses have reached 13,343,768 in number.
  • 153,000 new ETHs have been staked since August.
  • RSI indicator of the ETH/USDT daily chart shows the effect of the latest selloff.

According to OKLink, a blockchain data and blockchain security company, the number of Ethereum (ETH) 2.0 deposit contract addresses has reached 13,343,768. In addition to this, the stake rate has exceeded by 11.17%.

Total ETH 2.0 pledged (Source: OKLink)

About 36,000 ETHs have also been added every week, and 153,000 new ETHs have been staked since August.

Ethereum / TetherUS 1D (Source: CoinMarketCap)

According to CoinMarketCap, ETH is currently trading at $1,584.18 after reaching a high of $1,640.94 over the last day. This means that the biggest altcoin on the market is currently 0.82% in the green but still down about 17.06% over the last week.

ETH’s 24 hour trading volume is also 5.62% down and rests at $15,869,595,851. In terms of market cap, ETH is standing at $193,739,574,845.

Looking at the daily chart for ETH/USDT, the relative strength index indicator has shown the effect of the latest selloff as it is in oversold territory and well below the RSI SMA line. This is something bearish that ETH traders and investors need to take note of.

Another bearish thing to look for is the 9 EMA heeding to cross below the 20 EMA. At the moment, the gap between the two is almost null.

However, there are signs that a bullish move could take place and the 9EMA will not cross below the 20 EMA line as there is bullish divergence shown with the daily RSI.

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