According to BroadChain, at 02:16 on April 23, Cointelegraph reported that the staking rate of the Ethereum network has reached a historic high of 32.33%. This trend is reducing the circulating supply of ETH, theoretically alleviating selling pressure in the market and potentially supporting a long-term recovery in ETH's price. However, despite this positive fundamental factor, technical analysis indicates that the ETH/BTC trading pair still faces a downside risk of approximately 10%. This suggests that, in the short term, Ethereum's performance may continue to lag behind Bitcoin.
Ethereum Staking Rate Hits New High, But Still Faces 10% Downside Risk Against Bitcoin
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Summary
Ethereum staking rate hits a new high, but still faces downside risk against Bitcoin.