A new report by CryptoRank shows that investors are first turning to Ethereum (ETH) for ‘passive income’. This trend is accompanied by a new peak in the amount of altcoins staked on the Ethereum network.
CryptoRank reports altcoin investors rely on Ethereum for ‘passive income’
With the Shanghai upgrade, where Ethereum releases staked ETHs in the 2020 period, more investors are choosing to lock their coins on the ETH network. The aforementioned spike was published on April 12 and activated staking withdrawals. The amount of ETH staked has been increasing rapidly since the upgrade. This trend was crowned with a new high yesterday.
Analytics platform CryptoRank reported in a new report yesterday that the amount of staked ETH has exceeded 25.8 million ETH, registering a new ATH. The Ethereum network is currently valued at over $48 billion.
Notably, the Ethereum deposit contract balance has risen sharply since the introduction of the critical feature, which was not available during its transition to PoS, surpassing $40 billion in late May.
Altcoin whales did not allow higher ETH levels
A recent tweet from Lookonchain showed that whales were selling hefty ETH during the recent spike. cryptocoin.comAs you follow, UNI and AAVE were among the coins that were heavily purchased during this time.
However, ETH’s foreign exchange reserve was increasing, according to CryptoQuant. An increase in the metric means that investors are selling their holdings, which is a bearish signal.
Santiment’s chart shows that Ethereum’s supply on exchanges and off-exchange supply are also close to each other. This points to a bearish trend as there is a possibility that the first will reverse the second in the coming days.
Vendors may soon step up their game
A look at Ethereum’s daily chart reveals quite a few metrics supporting the bears. For example, the Money Flow Index (MFI) is about to enter overbought territory. ETH’s Relative Strength Index (RSI), on the other hand, fell. Additionally, the MACD showed the possibility of a downtrend, increasing the probability of a downtrend continuation.
Interestingly, the Exponential Moving Average (EMA) Strip has chosen to support the buyers as it is bullish.
Like the EMA strip, a few of the on-chain metrics are bullish. According to CryptoQuant, the buy/sell ratio of ETH was green. The metric shows that buying sentiment is dominant in the derivatives market. At the same time, ETH’s network growth remains high.
However, nothing can be said for certain as Ethereum’s MVRV Ratio has dropped significantly, which was showing a bearish trend.
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