{"id":117900,"date":"2023-07-04T23:11:29","date_gmt":"2023-07-04T23:11:29","guid":{"rendered":"https:\/\/dripp.zone\/news\/a-look-at-the-state-of-steth-as-it-gains-new-followers-crypto-news\/"},"modified":"2023-07-04T23:11:31","modified_gmt":"2023-07-04T23:11:31","slug":"a-look-at-the-state-of-steth-as-it-gains-new-followers-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/a-look-at-the-state-of-steth-as-it-gains-new-followers-crypto-news\/","title":{"rendered":"A look at the state of stETH as it gains new followers\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>\t\t\t\t\t\t<br style=\"clear: both; display: block; float: none;\"\/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">stETH&#8217;s supply on exchanges declined while supply outside of exchanges went up.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">ETH&#8217;s 24-hour chart was red, but market indicators remained bullish.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After a bullish week,<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/eth\" data-wpel-link=\"internal\"> <span style=\"font-weight: 400;\">Ethereum&#8217;s [ETH]<\/span><\/a><span style=\"font-weight: 400;\">  The daily chart has turned red as its price went down.  Another interesting development in the Ethereum ecosystem was how the popularity of liquidity staking increased over the last few months.  Is Lido Staked Ethereum [stETH] becoming the next favorite token of investors?<\/span><\/p>\n<hr\/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">read<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" data-wpel-link=\"internal\"> <span style=\"font-weight: 400;\">Ethereum&#8217;s [ETH] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\">  2023-24<\/span><\/p>\n<hr\/>\n<h4><strong>stETH&#8217;s popularity is impressive<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Glassnode&#8217;s recent<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnode\/status\/1675868318463303686?s=20\" data-wpel-link=\"external\"> <span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\">  revealed that stETH&#8217;s popularity has been on an increasing trend since the Shanghai update.  As per the tweet, Lido&#8217;s stETH maintains an impressive dominance, with DeFi capital flows suggesting it has become a preferred collateral asset.  The total number of new addresses holding stETH has risen sharply over the last few months, which looked optimistic. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Santiment&#8217;s chart revealed that stETH&#8217;s supply on exchanges plummeted over the last month.  While this happened, its supply outside of exchanges went up, which was an optimistic update.  Additionally, its total number of holders also rose, further proving its increasing popularity among investors. <\/span><\/p>\n<div id=\"attachment_325020\" style=\"width: 3850px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Lido-Staked-ETH-stETH-15.48.36-04-Jul-2023.png\" data-wpel-link=\"internal\"><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-325020\" class=\"wp-image-325020 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Lido-Staked-ETH-stETH-15.48.36-04-Jul-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Lido-Staked-ETH-stETH-15.48.36-04-Jul-2023.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Lido-Staked-ETH-stETH-15.48.36-04-Jul-2023-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Lido-Staked-ETH-stETH-15.48.36-04-Jul-2023-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Lido-Staked-ETH-stETH-15.48.36-04-Jul-2023-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Lido-Staked-ETH-stETH-15.48.36-04-Jul-2023-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Lido-Staked-ETH-stETH-15.48.36-04-Jul-2023-2048x693.png 2048w\" sizes=\"auto, (max-width: 3840px) 100vw, 3840px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-325020\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<h4><strong>Ethereum&#8217;s daily chart is red<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Amidst all this, Ethereum was enjoying a comfortable bull rally.  However, the coin&#8217;s uptrend ended as its price declined slightly in the last 24 hours.  according to<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" data-wpel-link=\"external\"> <span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">at the time of writing,<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/lido-showcases-skin-in-the-game-stakes-its-eth-treasury-reserves\/\" data-wpel-link=\"internal\"> <span style=\"font-weight: 400;\">ETH<\/span><\/a><span style=\"font-weight: 400;\">  was trading at $1,955.55 with a market capitalization of over $235 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interestingly, stETH was trading at a slightly lower price than ETH.  On one hand, stETH&#8217;s supply outside of exchanges increased;  on the other hand, Ethereum&#8217;s supply outside of exchanges remained flat.  The same also remained true for ETH&#8217;s supply on exchanges, suggesting less movement of the asset in the last week. <\/span><\/p>\n<div id=\"attachment_325021\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-325021\" class=\"wp-image-325021 size-full\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"\" width=\"2560\" height=\"867\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023-2048x693.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-325021\" class=\"wp-image-325021 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-15.54.17-04-Jul-2023-2048x693.png 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-325021\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">CryptoQuant&#8217;s<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/asset\/eth\/summary\" data-wpel-link=\"external\"> <span style=\"font-weight: 400;\">date<\/span><\/a><span style=\"font-weight: 400;\">  revealed that the halt to the token&#8217;s growth might last longer as several on-chain metrics were bearish.  ETH&#8217;s exchange reserve was increasing, suggesting that the token was under immense selling pressure.<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/analyzing-eths-soaring-trajectory-amidst-this-whales-bet-gone-wrong\/\" data-wpel-link=\"internal\"> <span style=\"font-weight: 400;\">ETH<\/span><\/a><span style=\"font-weight: 400;\">&#8216;s number of active addresses also dropped compared to the last seven days, which looked bearish. <\/span><\/p>\n<hr\/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green?  check the<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" data-wpel-link=\"internal\"> <span style=\"font-weight: 400;\">Ethereum Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">   <\/span><\/p>\n<hr\/>\n<h4><strong>This is what investors can expect<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Although the metrics were bearish, a look at ETH&#8217;s daily chart revealed a different story.  The Exponential Moving Average (EMA) ribbon displayed a bullish crossover. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The token&#8217;s MACD also displayed a similar bullish advantage in the market.  Its Relative Strength Index (RSI) also registered an uptick, increasing the chances of a price uptrend in the coming days. <\/span><\/p>\n<div id=\"attachment_325022\" style=\"width: 1524px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-325022\" class=\"wp-image-325022 size-full\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"\" width=\"1514\" height=\"815\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17.png 1514w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17-300x161.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17-1024x551.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17-768x413.png 768w\" data-lazy-sizes=\"(max-width: 1514px) 100vw, 1514px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-325022\" class=\"wp-image-325022 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17.png\" alt=\"\" width=\"1514\" height=\"815\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17.png 1514w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17-300x161.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17-1024x551.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-04_16-00-17-768x413.png 768w\" sizes=\"auto, (max-width: 1514px) 100vw, 1514px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-325022\" class=\"wp-caption-text\">Source: TradingView<\/p>\n<\/div><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>stETH&#8217;s supply on exchanges declined while supply outside of exchanges went up. ETH&#8217;s 24-hour chart was red, but market indicators remained bullish. After a bullish week, Ethereum&#8217;s [ETH] The daily chart has turned red as its price went down. Another interesting development in the Ethereum ecosystem was how the popularity of liquidity staking increased over [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":117901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-117900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/117900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=117900"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/117900\/revisions"}],"predecessor-version":[{"id":117902,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/117900\/revisions\/117902"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/117901"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=117900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=117900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=117900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}