ETH Staking Statistics and Withdrawal Profile Bring Sub-$1,850 into View

Key Insights:

• On Sunday, ETH bucked the broader market trend, falling by 0.16% to end the day at $1,890.
• Staking inflows and the withdrawal profile weighed on investor sentiment.
• The technical indicators are mixed, signaling a choppy Monday.

Ethereum (ETH) fell by 0.16% on Sunday. Following a 0.73% loss on Saturday, ETH ended the week down 1.00% to $1,890. Despite the bearish session, ETH avoided sub-$1,850 for the second time in five sessions.

A bearish start to the day saw ETH fall to an early low of $1,885. Steering clear of the First Major Support Level (S1) at $1,880, ETH rose to an early afternoon high of $1,915. ETH broke through the First Major Resistance Level (R1) at $1,908 before falling back to sub-$1,900 and into the red.

Staking Statistics and Withdrawal Profile Continued to Weigh

According to CryptoQuant, staking inflows fell from 63,456 ETH on Saturday to 22,272 on Sunday. The sharp decline left staking inflows at their lowest since mid-April.

The total value staked rose more slowly because of the drop in staking inflows and another slide in the net staking balance.

The overnight withdrawal profile was bearish, with principal withdrawals above normal levels. Withdrawal projections for the morning session remained bearish, with principal withdrawals projected to remain elevated.

On Saturday, the net ETH staking balance tumbled by 76.9% to a surplus of 54,280 ETH, equivalent to $103.51 million. Deposits totaled 65,720 ETH versus withdrawals of 11,450 ETH.

According to TokenUnlocks, total pending withdrawals stood at 61,070 ETH, equivalent to approximately $96.04 million. Notably, the staking APR stood at 8.45%, down 0.59% over 24 hours.

There were no crypto events to weigh on market sentiment, with the staking statistics weighing.

The Day Ahead

It is a busier Monday. US economic indicators will draw interest this afternoon. A pickup in US service sector activity should deliver price support.

However, staking inflows and the withdrawal profile will remain focal points. Another fall in staking inflows would weigh on buyer appetite.

Beyond the ETH statistics, investors should continue to track the crypto news wires for SEC v Ripple updates and Binance and Coinbase (COIN)-related news. SEC Chair Gary Gensler commentary would also move the dial.

Ethereum Price Action

This morning, ETH was down 0.57% to $1,880. A mixed start to the day saw ETH rise to an early high of $1,891 before falling to a low of $1,876. ETH briefly fell through the First Major Support Level (S1) at $1,878.

ETH Technical Indicators

Resistance & Support Levels

ETH needs to move through the $1,897 pivot to target the First Major Resistance Level (R1) at $1,908 and the Sunday high of $1,915. A return to $1,900 would signal a breakout session. However, staking statistics and the crypto news wires must support a bullish session.

In the event of an extended rally, the bulls would likely test the Second Major Resistance Level (R2) at $1,927 and resistance at $1,950. The Third Major Resistance Level (R3) sits at $1.957.

Failure to move through the pivot would leave the First Major Support Level (S1) at $1,878 in play. However, barring a risk-off-fueled sell-off, ETH should avoid sub-$1,850. The Second Major Support Level (S2) at $1,867 should limit the downside.

The Third Major Support Level (S3) sits at $1,837.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a mixed signal. Ethereum sat above the 50-day EMA, currently at $1,879. The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA, delivering mixed signals.

A hold above the 50-day ($1,879) and S1 ($1,878) would support a breakout from R1 ($1,908) to target R2 ($1,927). However, a fall through the 50-day ($1,879) and S1 ($1,878) would bring S2 ($1,867) into view.

A fall through the 50-day EMA would send a bearish signal.