Santiment, the esteemed blockchain analytics platform, took to Twitter this morning to report a concerning trend among Ethereum 2.0 stakers. According to their findings, realized values have experienced a sharp decline over the past ten weeks, resulting in an average loss of 31% for long-term stakers. This news serves as a sobering reminder of the volatility inherent in the cryptocurrency market.
Santiment’s recent tweet has unveiled a chart indicating a plateau in the realized value for ETH 2.0 stakers. This data also suggests that ETH 2.0 may be undervalued, as the average returns for stakers have decreased. These findings highlight the need to examine the current market conditions and potential opportunities for maximizing returns.
As of the latest update, the primary alternative cryptocurrency has experienced a 1.21% decline in value within the past 24 hours, as reported by CoinMarketCap. This decrease in price over the course of a day has contributed to ETH’s unfavorable weekly performance, currently standing at -5.73%. Consequently, ETH is presently being traded at $1,555.95.
The current market situation for ETH indicates that its price is below the crucial $1,570 price level, and this is because the level was previously rejected during today’s trading session.
The current technical indicators on ETH’s daily chart display a bearish trend as the 9-day EMA remains below the 20-day EMA. Furthermore, the shorter EMA line has now broken away from the longer EMA line. These observations suggest a cautious approach for traders and investors alike.
The technical flag indicating a bearish trend is accompanied by the daily RSI indicator, which reveals that the daily RSI line is positioned below the RSI SMA line. Furthermore, the current proximity of the daily RSI to oversold territory is worth noting.
Although the daily RSI line’s incline has plateaued in the past 24 hours, it indicates that Ethereum’s value will stabilize at its current level for the next day.
