Since the launch of pledge withdrawals on April 12th, the Ethereum (ETH) beacon chain has seen a significant inflow of funds, with over $7.7 billion worth of Ethereum deposited in contracts
Since the launch of pledge withdrawals on April 12th, the Ethereum (ETH) beacon chain has seen a significant inflow of funds, with over $7.7 billion worth of Ethereum deposited in contracts. Although some preliminary predictions suggest that there will be a significant outflow of funds after the upgrade in Shanghai.
Beacon chain is the core component of the next-generation Ethereum blockchain Ethereum 2.0. It is a Proof of Rights (PoS) blockchain responsible for coordinating validators, validating transactions, and proposing and finalizing blocks in the Ethereum network.
Ethereum Beacon Chain refutes critics
According to research firm ArkhamIntel, the total amount of Ether currently deposited exceeds the balance of approximately 1.25 million ETHs as of April 12th, with significant differences in daily deposits, sometimes as high as 225000 ETHs (over $400 million per day). The inflow chart shows a significant peak after the upgrade of Shapella, which is consistent with the complete activation of the beacon chain withdrawal.
According to Arkham, at the forefront of these deposits is Lido's stETH address "0xae7", which has always been the number one depositor with a lifetime deposit amount of over $15 billion, accounting for more than one-third of the ETHs locked in the deposit contract.
After stETHUnstacking was enabled, Lido's recharge address has now been transferred to the new address "0xfdd", which has become the fourth recharge address since April, with a total recharge volume exceeding 214000ETH, or over 386 million US dollars, although only active in the past three days.
In addition, the development of Ethereum 2.0 and Beacon Chain has been accompanied by a surge in pledge services and Frax liquidity pledge tokens. This stable currency project aims to provide a more stable and reliable alternative to traditional fiat currencies, becoming one of the well-known participants in this field. Frax offers a product called frxETH, which allows users to mortgage their ETH and receive liquidity backed ETH tokens (sfrxETH) as a return.
Although Frax ranks 14th on the list of depositors, their total stake in 72400ETH since April 1st accounts for a significant portion of their total FraxETH supply, accounting for 33.6% of their total supply of 215000 frxETH.
The growth of pledge services and liquidity pledge tokens is a positive development for the Ethereum ecosystem, as it provides users with more options to earn rewards through holding ETHs. This growth also proves the popularity of Ethereum 2.0 and Beacon Chain, which provide more efficient and sustainable networks for decentralized applications.
The price trend of ETH indicates a bearish future
According to Michael Vande Poppe, a famous cryptocurrency analyst, the price of ETH is more like a bear market flag than an integration model. He believes that the Relative strength index (RSI) of ETH is higher. Combined with the chart mode, ETH is likely to fall again, which is more likely than BTC.
VandePoppe pointed out that the resistance level he needs to break through to change his view on ETH is $1867. However, if the candle closes below $1735, it is highly likely to continue moving towards the range of $1675 to $1712, with a lower $1600 being the next potential support level.
Despite the current short-term uncertainty in the cryptocurrency market, the long-term prospects for Ethereum and the broader digital asset industry remain optimistic. However, while predicting short-term price trends may be challenging, Michael VandePoppe's analysis suggests that Ethereum's short-term outlook may be bearish.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
