By: Eliza Bennet
The Ethereum network is experiencing a staking boom with a quarter of all Ethereum, nearly $75 billion worth, now pledged to the network. The figures indicate confidence in the network's ability to continue rewarding its stakeholders, despite recent market turbulence.
Apart from holding their Ethereum, investors are also accumulating more in anticipation of the network's upcoming 'Dencun' upgrade scheduled for March 13. This upgrade is eagerly anticipated for its 'proto-danksharding' feature, expected to bring significant improvements to the Ethereum blockchain.
Adding to the bullish sentiment is Ethereum's recent price activity, breaking past the $2,400 barrier. On-chain data analysis shows an overall bullish trend over the past months and significant withdrawal of the asset from the wallets of the centralized exchanges, hinting at potential for further upside. A key bullish trend is also evident in Ethereum's current trading pattern, with a support level at $2,400 and a potential surge to the $2,550 level.
The combination of increased staking, anticipation for the Dencun upgrade, and the current bullish trend, suggests a solid foundation for Ethereum's ongoing growth.
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