Ethereum Price Forecast Remains Bullish As Network Nears Another Milestone


Ethereum has recorded win after win over the past month. If that’s not a gain in its price, this is another step forward in its transition to being a stock network proof. These major milestones reverberated throughout its community, spurring bullish sentiment among the most skeptical of investors. Now, another milestone moving onto the horizon for the network promises better things to come.

Staking Nears 13.3 million ETH

The The amount of ETH tied to the network It continues to rise significantly. The first validation node was set over a year ago, and since then, thousands of validators have joined the effort. Along the way, there have been several milestones, with Ethereum moving towards one more.

Not long ago, the total number of ETH bets before the merger grew to more than 10% of the total supply. Now, with the recent escalation and the anticipation of consolidation, more ETH is being scaled up. This brings the total number of ETH bets to nearly 13.3 million. What this means is that Ethereum is very close to seeing 11% of its total supply out of circulation. At current prices, that’s over $25 billion stake in the contract so far.

Ethereum price chart from TradingView.com

ETH trading above $1,900 | Source: ETHUSD on TradingView.com

Now, this is not the highest dollar value of pegged ETH has been in any way, but given that the price of ETH is down more than 50% from its all-time high, it helps determine how much is actually betting.

Ethereum bullish sentiment grows

The bullish sentiment in Ethereum is now at one of the all-time highs. As the consolidation process approaches, expectations are approaching peak levels. This caused investors to accumulate tokens ahead of what would be one of the most significant upgrades in the history of the crypto space.

It is also worth noting that the digital asset is up by double digits in the last week alone. This recovery saw it surpass multiple resistance points to break above $1900. The result is more accumulation that continues to drive prices sky high.

At the moment, the only significant resistance for the digital asset is at $2000, a price point that the bulls are targeting. A break above this would put the digital asset higher towards $2,500, with the most important resistance at $2,250.

Featured image from Coinmarketcap, chart from TradingView.com

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