Ethereum (ETH) Price Stabilizes; Is a Further Drop Expected?

• Ethereum network transactions to unique addresses hit a daily high of 467,000.
• The total value of staked ETH surged 95% over a year.
• Ethereum’s co-founder, Vitalik Buterin, divested his remaining 500 MKR tokens.

The Ethereum network has recently experienced a significant increase in transactions made to unique addresses, reaching a daily high of 467,000. This surge is a powerful indicator of Ethereum’s escalating significance in the crypto market. Since announcing the first Ethereum-based ETF applications on June 16th, investors have closely monitored the network’s activity. The crypto industry eagerly awaits the U.S. Securities and Exchange Commission’s decision to approve these ETF proposals.

Furthermore, data from Dune Analytics reveals a significant 95% surge in the total value of staked ETH over a year, escalating from $22 billion to $41.6 billion. Lido, a prominent player in the Ethereum staking landscape, currently holds a commanding 32.37% of all staked Ethereum, outpacing its closest competitor, Coinbase, by over fourfold, which holds a mere 8.7%.

Additionally, following MakerDAO’s announcement of their transition to competing blockchain Solana, Ethereum’s co-founder, Vitalik Buterin, divested his remaining 500 MKR tokens.

Breakout Likely

As per data from CoinMarketCap, Ethereum (ETH) is trading at $1638, marking a slight decrease of 0.18% over the past 24 hours. However, trading volume has seen a surge of 21%. On a monthly scale, Ethereum’s trading volume has experienced a dip of 5.7%, as reported by The Block.

The price of Ethereum has experienced a resurgence following its dip to the $1,600 benchmark. Currently, the price is undergoing consolidation within a narrow band. Should it breach the critical support level of $1,600, we could see a drop to the $1,430 region. The price must decisively surpass the $1,650 resistance level for a bullish rally to commence. Once this is achieved, it is likely to challenge the $1,700 milestone.