Bulls await as Ethereum staking soars and Bitcoin holds strong amid volatility – Crypto News – Crypto News
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Bulls await as Ethereum staking soars and Bitcoin holds strong amid volatility Bulls await as Ethereum staking soars and Bitcoin holds strong amid volatility

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Bulls await as Ethereum staking soars and Bitcoin holds strong amid volatility – Crypto News

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2 years ago

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  • Ethereum staking skyrockets, reaching all-time highs, while Bitcoin’s active addresses stay resilient despite unrealized profits.
  • Ethereum and Bitcoin prices dipped in the last 48 hours as RSI reflects bearish trends.

Bitcoin [BTC] and Ethereum [ETH] have been on quite a rollercoaster ride regarding their important Indicators recently. Ethereum Staking has skyrocketed to unprecedented levels, while Bitcoin’s active addresses have managed to stay above a certain threshold despite not all the potential profits being realized.

read Bitcoin (BTC) Price Prediction 2023-24

Ethereum staking percentage hits ATH

Bitcoin and Ethereum have spun contrasting tales through their diverse metrics over the past months. However, amid these divergent narratives, a potential bullish trend has been subtly hinted at by these metrics.

Recent CryptoQuant The report emphasized the surge in staked Ethereum following the Shapella upgrade. New data revealed a consistent upward trajectory in the total value of staked ETH.

As of this writing, the total value staked has surpassed a remarkable 22.2 million, reaching an all-time high. Furthermore, the chart’s direction indicated a further increase in value on the horizon.

Source: CryptoQuant

Furthermore, the surge in the total value staked has resulted in a corresponding rise in the percentage of actively staked ETH.

As of this writing, the staked ETH accounted for more than 17% of the Ethereum supply, reaching an all-time high. The chart also suggested a rising trend in staking participation and potential for further growth.

Additionally, Ethereum’s deflationary process has gained momentum, propelled by a substantial surge in burnt fees observed over the past year. These fees, which are permanently removed from circulation, have experienced a significant spike.

Could Bitcoin’s unrealized profits set the stage for a bull run?

Based on data provided by CryptoQuant, Bitcoin has witnessed a surge in active addresses since the beginning of the year, in contrast to the preceding six months of the previous year.

The chart illustrated a notable increase, with recent months boasting over 1 million active addresses, or close to that figure. At the time of writing, the number of active addresses stood at over 988,000.

Furthermore, this rise in active addresses coincides with a decline in the Net Unrealized Profit/Loss (NUPL). The NUPL chart indicated that, on average, investors still held approximately 25% of unrealized profits.

This pattern is typically observed at the onset of a Bitcoin bull market, suggesting the potential for further growth and positive market sentiment.

Bitcoin NUPL

Source: CryptoQuant

The current Bitcoin and Ethereum price trend

As of this writing, Ethereum found itself below the neutral line on the Relative Strength Index (RSI) suggesting a bearish trend. Over the past 48 hours, its value experienced a decline and was currently trading at approximately $1,780.

Despite this downward movement, ETH managed to stay within the $1,700 price range on the daily time frame chart.

ETH/USD price movement

Source: TradingView

Similarly, Bitcoin had also been in the red on the daily time frame chart during the past 48 hours. As of this writing, it was trading at around $26,290, with a marginal loss of less than 1%. The RSI for Bitcoin was also below the neutral line, indicating a bearish trend.

BTC/USD price movement

Source: TradingView

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Ethereum and Bitcoin bull run on the horizon

Nevertheless, despite the ongoing bearish trend exhibited by Bitcoin and EthereumSeveral positive indicators exist to consider.

The BTC Net Unrealized Profit/Loss (NUPL), the continuous rise in ETH staking, and Ethereum’s deflationary state all hint at an imminent bull run. While there may be a further dip in the market, these factors suggest that a sustained positive trend is on the horizon.

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