Ethereum (ETH) investment gets a bullish rating and surges 3.3% – Is it time to get on board?
Ethereum got a bullish rating from InvestorsObserver, witnessing a 3.3% surge, reaching $1,650. This bullish momentum stands out against a 3.00% gain in the broader crypto market.
Ethereum Price Movement: Is Ethereum Dead?
Over the past five days, Ethereum Classic has consistently earned a bullish rating on the InvestorsObserver Sentiment Score. This score evaluates ETC’s performance based on volume and price movement, providing valuable insights for both short-term and long-term investors.
Ethereum is currently trading near its recent high. Hence, the coin is in a potentially volatile position if the rally subsides.
Ethereum Liquid Staking: A Game Changer in the Crypto Space
Liquid Staking Derivatives (LSD) protocols now account for a significant 43.7% of the total 26.4M ETH stake as of August 2023. Users show a growing preference for staking over withdrawing, indicating the popularity and potential of this method.
Ethereum’s transition to a proof-of-stake blockchain model has opened up new avenues, with Liquid Staking being one of the most promising. This approach offers flexibility and liquidity, allowing users to maintain control of free Ethereum.
With Liquid Staking, users receive tokenized versions of their staked funds, known as Liquid Staking Derivatives (LSDs). These can be traded and even used as collateral for loans.
Rising Demand and Implications for Stakers
Following the Shapella upgrade, rather than withdrawing their staked assets, users made significant deposits into the staking network. Notably, Lido, a major player in LSD, saw daily net inflows of +18K ETH.
However, the Ethereum network’s “churn limit” became a point of interest, with an increasing number of stakers pushing the boundaries. At its peak, 96,508 validators waited to stake, leading to wait times of up to 45 days.
Moreover, the top 8 LSD protocols have seen an average APY of 4.4% since Jan 2022, with standout performers like sfrxETH boasting an average APY of 6.2% between Oct 2022 and Aug 2023.
Ethereum Price Update and Future Investment Outlook
Ethereum investment recently surged to a one-week high, maintaining levels above a critical resistance point. From a low of $1,585.37, Ethereum to USD climbed to an intraday peak of $1,635, the highest since September 20. For those looking to sell Ethereum, this might be the time; however, remember that long-time holders will always receive more profit in the end.
The RSI indicator remains above 48.00, signalling bullish sentiment. Additionally, the 10-day moving average approaches convergence with the 25-day average, suggesting potential for further upward movement, potentially crossing the $1,700 mark.
