Ethereum Price Prediction As Liquid Staking Hits New 2023 High – 18% Move In The Offing?
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The price of Ethereum (ETH) is currently trading at $1,870 with a trading volume of $6.5 billion and a market cap of $224 billion. The price chart indicates the formation of an inverse head-and-shoulders (H&S) pattern, suggesting a potential 18% bullish move to $2,372 if the neckline is breached. However, the current technical picture leans towards a downside, with the support at $1,900 being crucial. A bearish outlook is supported by the Moving Average Convergence Divergence (MACD) sending a sell signal and the Relative Strength Index (RSI) sliding below the midline.
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Despite the narrow trading range, Ethereum's liquid staking is on the rise after the Shapella upgrade, leading to a reduction in ETH supply on exchanges and hinting at a potential rally. Investors have embraced Ethereum staking on both the primary blockchain and liquid staking platforms, and the increase in staking indicates optimism about Ethereum's future and willingness to hold the token in hopes of a rally to all-time highs. The staking activity also contributes to reducing Ethereum's supply on exchanges, potentially leading to a breakout above $30,000 if demand for Ethereum increases.
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