Ethereum Price Slides As Staked Token Reaches New ATH Ahead Of Hyped Merge

Regardless of modifications within the asset’s value, Ethereum is steadily including to the ETH 2.0 staking contract.

Based on the event group, this happens a few month earlier than the Merge is scheduled to happen.

Ethereum Staked Token Hit New ATH

Based on Dune Analytics data, extra over 13.2 million ETH have been deposited to the staking contract, nonetheless there are solely about 80,000 distinctive depositors.

ETH Staked on ETH 2.0 Contract. Supply: Delphi Digital

The graph above exhibits how ETH’s quantity locked within the staking contract has steadily elevated and reached a brand new all-time excessive by way of ether.

A far cry from the height reached final yr, when ETH was near $5,000, the USD worth had soared to only shy of $24 billion.

The outstanding outcomes come because the Ethereum growth group continues to supply updates on the progress of the swap from PoW to PoS.

Probably the most anticipated occasion within the bitcoin sector this yr is known as the Merge.

Amongst different benefits, it ought to make Ethereum much less energy-intensive and enhance the community’s sturdiness.

Quite a few well-known crypto insiders predict that it’ll considerably have an effect on the worth of ETH. Based on current claims made by Arthur Hayes, it would enhance the asset’s USD valuation in a way akin to BTC’s halving.

Then again, Mark Cuban cautioned that the Merge may initially be a “sell-the-news” occasion however thinks it’s a very good transfer total.

Worth Have Started To Slide

Based on the weekly shift within the Ether-Bitcoin cross charge, Christophe Barraud, chief economist, strategist, and prime forecaster at Bloomberg, Ethereum is poised to lose floor towards Bitcoin for the primary time in seven weeks.

ETH/USD trades at $1,800. Supply: TradingView

After the Client Worth Index (CPI) or inflation knowledge report got here in higher than anticipated, Ethereum has outperformed Bitcoin in restoration regardless of the decline relative to BTC as each stay extremely correlated with the S&P 500 shares, in line with a report revealed on August 17 by the on-chain social metrics platform Santiment.

Featured picture from Pixabay, Chart from TradingView.com, Delphi Digital