Ethereum price has been gaining momentum since Monday’s black swan event, which roped in the entire cryptocurrency market, resulting in massive liquidations and losses. Despite the uptick in ETH price, bulls must prove their strength by breaking above a crucial resistance to keep the trend intact.
Ethereum Price Holds Green As Staked ETH Hit 34.12M
Ethereum price hovered above $2,500 after a sharp rebound from Monday’s low of $2,111. The reversal ticked up to $2,550 on Wednesday, but due to market uncertainty, a correction occurred, pushing ETH price to test support at $2,330.
Traders seem to be waiting for another confirmation before going all in on ETH longs. From a fundamental perspective, Ether flaunts a bullish outlook, especially with on-chain data from IntoTheBock revealing that staked ETH had increased to 34.12 million from 33.34 million on July 1.
Over 27,000 ETH was deposited into the smart contract during the Monday crash, against approximately 2,600 ETH in withdrawals.
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