Ethereum price declined by 0.5% over the past 24-hours, falling as low as $1,821 as the market declined overall by 1% today.
The price of ETH means it is down 1% in one week and 13% in the last month, although it is up 52% since the beginning of the year.
These movements come just as Lido has launched withdrawals on its Ethereum staking platform, allowing users to withdraw their locked ETH and potentially sell it.
assume that About 6.6 million ETH have been staked via LidoThis could result in a large amount of Ethereum entering the market, although it needs to be remembered that withdrawals will be queued and will happen slowly.
Lido ETH withdrawal gets green light as Ethereum price prediction – what happens next?
ETH’s chart has turned interesting recently, with its indicators reaching a point suggesting a breakout rally.
For one, ETH’s 30-day moving average (yellow) has climbed above its 200-day (blue), forming a ‘golden cross’ that signals rallies.
Similarly, the relative strength index (purple) of the coin crossed 50 this morning, which is another indicator of increasing momentum.
And if that wasn’t enough, ETH’s chart has also formed a pennant, with its support (green) and resistance (red) levels converging on each other, something that indicates the coin is headed for a new high. Will have to take it to the level soon.
This change in technical indicators for ETH comes as Lido opens withdrawals for its Ethereum staking platform.
This means that Lido users can withdraw the Lido Staked Ether (STETH) they previously staked with the platform for ETH, and given that 32% of all Ethereum stakers use Lido, Such a feature could have a big impact on ETH. worth.
However, as we’ve mentioned before, ETH withdrawals can’t happen all at once, with withdrawal requests that can take months to complete before all stakers choose to withdraw are added to the queue.
And on the other hand, the successful introduction of withdrawals is likely to encourage more users towards Lido and Ethereum staking in general, an effect that could help push the price of ETH further upwards.
In fact, Data from Dune Analytics It turns out that the ratio of staked ETH to non-staked ETH has increased from 10% a year ago to 16.6% now.
This ratio will almost certainly increase in the coming months as the market adapts to being able to withdraw the ETH at stake, a change that will drive more ETH out of circulation and thus increase the price of the altcoin. .
And looking at the bigger picture, it’s worth noting that Ethereum continues to enjoy higher adoption than other layer-one networks.
Recent examples include major French bank Societe Generale testing a euro-denominated stablecoin on the Ethereum blockchain, as well as Visa test USDC payment And Microsoft Is Operating an Ethereum Wallet in Its Edge Browser,
Given this kind of interest in Ethereum and seeing that It remains 58% of the entire DeFi sectorETH is well poised to ride out more rallies in the near and more distant future.
Assuming more positive investors and market sentiment, it could easily return to $2,000 in the next few weeks, while the latter half of the year could see closer to $3,000.
A New High Potential Altcoin
As fundamentally strong as Ethereum undoubtedly is, traders may not see a big ETH rally until later in the year due to the fragility of the markets and the global economy.
Thus, traders may prefer to consider new altcoins that could be on the cusp of large, above-average gains, especially if they obtain listings from major exchanges.
is probably the prime example of spongebob (SPONGE), an ERC-20 mem token that has enjoyed Profits of over 2,000% Since being listed directly on Uniswap on May 4th.
While little is known about SPONGE in terms of its team and exact origins, it has ridden the recent wave of interest in meme tokens, which have become very fashionable again in the context of a much wider market.
Indeed, SPONGE has recently celebrated listings from Gate.io, Poloniex, MEXC, LBANK, CoinW and Toobit, while it is very likely that Meme Token will enjoy many more major listings in the coming weeks, which will boost its price. Will increase even more.
spongebob now has over 12,000 holders and a total maximum supply of 40.4 billion, potentially deflationary if demand continues to rise.
And because it is expecting more listings, it could potentially rise to $0.0006 and $0.0007 in the next few weeks, in fact listings by major exchanges could potentially push it to $0.001.