The Amount of Ethereum Staked Approaches 16 Million! ETH Analysis

second largest cryptocurrency With the Merge update on Ethereum, a Proof-of-Stake system was introduced. on-chain According to the data, after 4 months, the amount staked on the Ethereum Beacon Chain has reached 15.9 million.

The total number of ETH staked has reached a new all-time high of 15.9 million

• Accounting for more than 13% of the total ETH supply.

1/6 🧵👇 pic.twitter.com/wesx84E2hK

— CryptoQuant.com (@cryptoquant_com) January 27, 2023

Sharing on-chain data on Twitter, CryptoQuant emphasized that this amount represents 13% of the total Ethereum supply. Thus, the market value of ETH tokens entrusted to the proof-of-stake system has exceeded $25 billion.

The Number of Active Addresses Is Recovering

From the first days of 2023, there has been an increase in activity on the Ethereum network, with the crypto market entering a mini-rally. CryptoQuant Analysts expect a parallel move in network activity with the price increase.

Network activity also increases as the number of active addresses and transactions increases.

• On the demand side, active addresses seem to be picking up slightly.

Chart 👇 https://t.co/HdO6YHVlNh pic.twitter.com/DJwFZwtAqJ

— CryptoQuant.com (@cryptoquant_com) January 27, 2023

Although the increase in network activity is interpreted well for the ETH price, users who transfer constantly within the system may be adversely affected by this situation. Transfer fees on the Ethereum network generally increase due to demand.

Latest Situation in Ethereum

ETH, the native token of the largest smart contract platform, seems to close the last corner of January in negative after 2 weeks.

ETH price is about to end this week with a 2% loss while rising 20% ​​and 5% respectively in the last 2 weeks.

The bears are defending the $1650 level after Ethereum strongly breached the $1425 resistance. If the bears lose this battle, the next resistance is found at $1780.