Crypto: Three Reasons Why Ethereum Price Remains Bullish Above $3,000

Despite Ether’s rejection from $3,400, data suggested that ETH price could see a sustained recovery over the next few weeks, as long as a key support level held.

Ether’s (ETH) price had dropped 7% since being rejected from the $3,400 mark last week, falling to key support levels. Data suggested that increased staking demand, coupled with renewed ETF inflows and strong technical support, could lead to a sustained recovery.

Ether queued for staking goes parabolic, with a 44-day wait time.

Ethereum institutional demand is recovering along with ETF inflows.

ETH bulls must defend the support at $3,100 to set the stage for sustained gains.

Ethereum’s entry queue has surpassed 2.6 million ETH worth $8.3 billion at current rates, with a 44-day wait time.

This marks the highest amount of Ether set for staking by the network’s validators since July 2023.

Related: Why Ethereum’s ‘walkaway test’ and quantum readiness matter more than ever

Data from ValidatorQueue notes that the current number of active validators is 978,657, with 29.76% of the total ETH supply staked, around 36.1 million ETH.

“Ethereum’s entry queue is at the highest level in 2.5 years,” said analyst Ted Pillows in a post on Sunday, adding:

Source: CoinTelegraph