Ethereum Staking Demand Falls 50% – ETH Price in More Trouble?
Ethereum's price recovery attempt is challenged by a nearly 50% drop in staking demand, suggesting returning liquidity could increase selling pressure.Summary
Despite a recent 4.5% rebound supported by a bullish divergence on the RSI, Ethereum's price action faces headwinds due to a significant decline in staking demand. Cumulative net staking deposits dropped by nearly 50% between January 13 and February 22, meaning less ETH is locked up, increasing liquid supply.
This returning liquidity is already manifesting as rising exchange balances (up about 345,500 ETH) and selling pressure from whales, who offloaded about 230,000 ETH since February 19 while the price attempted to recover. This suggests that large holders are using the rally to exit positions.
Furthermore, on-chain cost basis analysis shows significant supply concentration between $2,020 and $2,070, creating immediate resistance. If Ethereum cannot break through this zone, the combination of unlocked supply and whale selling suggests the current recovery is precarious, with key support at $1,890 and a potential fall back to $1,740 if that level breaks.
(Source：BeInCrypto)