The cryptocurrency market saw a significant drop in major digital assets such as Bitcoin (BTC) and Ethereum (ETH) during the U.S. market session on Thursday. Bitcoin experienced a 4.2% pullback, signaling a correction sentiment among traders, while Ethereum’s price sustainability below $3,500 indicated a prolonged downtrend. However, the increased staking activity in Ethereum could potentially assist in a quick rebound.
Currently, the price of ETH is trading at $3,340, with an intraday loss of 4.4%. The global crypto market cap is recorded at $3.47 trillion, with a 24-hour trading volume of $1.2 billion. Ethereum staking has reached record highs, with total staked ETH surpassing 54 million, showcasing confidence among investors and validators in Ethereum’s proof-of-stake ecosystem.
The sustained uptrend in ETH staking signifies growing adoption, increased network security, and long-term commitment to the asset’s future growth. Restaked ETH accounts for around 10% of the total staked ETH, demonstrating a trend among validators to reinvest their rewards, strengthening the network’s decentralized security.
During the recent price correction, Ethereum dropped from $4,108 to $3,342, marking an 18.75% loss. The breakdown of the $3,500 level and the slope of the 50-day EMA suggest a bearish shift in the short-term trend. If selling pressure continues, ETH could test support at $3,100, which is supported by the 200-day EMA and the 50% Fibonacci retracement level, making it an area of interest for buyers to regain control.
Despite the recent market correction, the bullish trend in the broader market and the sustained ETH staking activity indicate a potential recovery in the altcoin price in the near future. ETH is expected to regain bullish momentum and surpass resistance levels at $4,000 and $4,800. This positive outlook for Ethereum’s price could be supported by the growing adoption of ETH staking and investor confidence in the network’s future.
