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Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked

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  • The Ethereum 2.0 network now has over 200k validators
  • The Ethereum 2.0 deposit contract now has 6.42 million ETH staked worth $14.857 Billion
  • Kraken is the largest single depositor with 12.5% of all ETH in the contract
  • Ethereum is back to trading above the 200-day moving average and could keep pushing higher with the London Upgrade on the 4th of August

The Ethereum 2.0 network how has over 200k validators. The chart below courtesy of CryptoQuant further illustrates the increment of validators on the Ethereum 2.0 network since December 2020.

Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked 17

Over 6.42 Million ETH is Currently Staked on the Ethereum 2.0 Deposit Contract

Furthermore, deposits to the Ethereum 2.0 contract continue to increase as the switch to a Proof-of-Stake algorithm, progresses on the network.

According to Etherescan, there is a total of 6,420,866 Ethereum on the ETH 2.0 deposit contract worth $14.857 Billion. The growth of deposits to the ETH 2.0 contract has been visualized through the following chart courtesy of CryptoQuant.com.

Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked 18

Kraken Is the Single Largest Depositor of ETH to the Ethereum 2.0 Contract

In a similar analysis of the amount of Ethereum validators and deposits to the ETH2.0 contract, the team at Weiss Crypto Ratings pointed out that Kraken is the single largest depositor of ETH as explained in the following statement.

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The largest depositor by far is Kraken which stakes 12.5% of all ETH. In fact, exchanges have deposited 24.9%, staking pools 21.8%, and whales 10.1% of all ETH into ETH2.

Ethereum Reclaims the 200-day Moving Average as Support

With respect to price action, Ethereum has benefited positively from Bitcoin’s impressive push to the $40.5k price ceiling earlier this week. The push to $40.5k by Bitcoin resulted in Ethereum hitting a local peak value of $2,433 and thus managing to recapture the crucial 200-day moving average as support.

Ethereum’s impressive rebound in the crypto market has been highlighted in the following ETH/USDT chart.

Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked 19

At the time of writing, Ethereum is trading at the $2,300 price area with its bullish climb most likely to continue due to the following observations from its daily chart.

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  • Ethereum is in bullish territory, trading above the 50-day moving average and the 200-day moving average
  • Trade volume is in the green for the last week
  • The daily MACD, MFI and RSI are yet to show exhaustion as investors anticipate the London Upgrade on the 4th of August
  • The 100-day moving average (yellow) provides an area of resistance around the $2,500 price area

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Ethereum

Ethereum Price Prediction: ETH bears contemplate a drop to $2450

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  • ETH price is building up downside pressure while clinging to the 200-SMA support.
  • RSI remains flat below the midline, keeping the sellers cheerful.
  • A drop towards $2450 remains in the offing if the 200-SMA caves in.

Ethereum, the no.2 widely traded digital asset, remains under pressure for the second straight day, consolidating Friday’s steep losses.

ETH price snapped its two-day rebound from monthly lows of $2651, as it got sold-off into the latest Chinese crackdown.

The People’s Bank of China (PBOC) on Friday declared all cryptocurrency transactions as illegal, imposing a ban, which saw over $400 million worth of tokens liquidated within 24 hours. Ethereum lost as much as $420 at one point before recovering to $2930.61 at the close.

At the press time, ETH/USD is trading almost unchanged on the day around $2900, having bounced off from daily lows at $2800.

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Ethereum price defending 200-SMA but for how long?

Ethereum’s 12-hour chart shows that the price is wavering in a narrow range, remaining in close vicinity of the daily troughs, as ETH price is not out of the woods yet.

Having witnessed good two-way volatility recently, ETH price maintains its range play, with the bearish 21-Simple Moving Average (SMA) at $3185 capping the upside.

Meanwhile, the 200-SMA at $2734 continues to offer support to ETH bulls. However, with the Relative Strength Index (RSI) still holding below the midline and bear cross in play, the path of least resistance appears to the downside.  

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Note that the 21-SMA breached the 100-SMA from above, confirming a bear cross on the said time frame on Thursday.

Once the 200-SMA gives way, a test of the horizontal trendline support at $2450 cannot be ruled out. The $2400 round number would be next on the sellers’ radars.

ETH/USD: 12-hour chart

On the upside, immediate resistance is placed at the 21-SMA, above which the horizontal 100-SMA at $3305 will be put to test.

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ETH buyers will seek fresh entries above the latter, paving the way towards the downward-pointing 50-SMA at $3418.

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ETH Locked in DeFi on Historic Highs: Details

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Total number of Ethers utilized in various decentralized finance protocols spiked over 7.3 million

After a massive plunge in TVL, a decentralized finance ecosystem has recovered to observe some breathtaking metrics.

7,830,000 Ethers locked in DeFi

The net number of Ethers locked in various decentralized finance protocols spiked 12% in the past ten days. On Sept. 15, 2021, this indicator bottomed at a two-month low of about 6.95 million Ethers.

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More than 7.8M Ethers are locked in DeFi segment
Image by DeFi Pulse

As displayed by mainstream decentralized finances segment tracker DeFi Pulse, the total quantity of Ethers in all indexed protocols nets 7.8 million Ethers.

Aave Finance (AAVE), Compound Finance (COMP), Instadapp, Uniswap (UNI), Curve Finance (CRV) are the most popular protocols in terms of TVL.

The five leading DeFis are responsible for almost 6.9 million Ethers, or 85% of net TVL, tracked by DeFi Pulse.

Yearn.Finance (YFI), Rari Capital (RGT) are on fire

In the last 24 hours, two DeFi protocols, Yearn.Finance (YFI) and Rari Capital (RGT), registered double-digit gains.

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At the same time, the Ethereum 2.0 deposit contract targets almost the same numbers. As of Sept. 25, 2021, it has amassed 7.77 million Ethers.

Amid the current Ethereum (ETH) price dip, this massive amount of value is equal to $22.7 billion. To provide context, this sum can be compared to the market capitalization of Telenor, Credit Suisse, Suzuki and Warner Music Group.

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Ethereum Network Activity is Stagnant while ETH Price Hovers Below $3k Level!

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Ethereum price fell amid a broad selloff in the cryptocurrency market, fueled by fears of a brewing property bubble collapse in China. 

There’s a lot of fear and uncertainty in the crypto market right now. With news that China has officially declared all cryptocurrency transactions illegal, the Ethereum price, like the rest of the market, is under attack.

Ethereum Price Analysis:

The Major altcoin has lost 5.76% in the last 24 hours. Although it is now seeking to construct a firm support base at $3000. ETH Price had a tumultuous start, rising to an intraday high of $3,114 in the early morning before reversing course. 

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To reach the first big resistance level at $3,149, Ethereum would have to break past the $2,942 pivot. Support from the larger market, on the other hand, would be required for Ethereum to reclaim the $3,100 barrier. Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $3,160.48 will likely act as a ceiling on the upside.

Network Activity is Stagnant

According to Santiment, most speculators are shifting away from Ethereum (ETH) in pursuit of better options with larger returns on investment. 

Exchanges are seeing an influx of Ethereum, implying that people are selling their holdings in response to the recent marketwide crypto slump. 

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Santiment claims that network growth has been static for several months before the price of ETH fell.

This is attributed to growth in other Layer-1 initiatives like Avalanche (AVAX), Fantom (FTM), and Cosmos (ATOM), as well as decreased speculation in the non-fungible token (NFT) market.

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