The value of Ethereum (ETH) is anticipated to reach $1,650 in the near future. Nevertheless, this could potentially act as a catalyst for an even greater surge toward the $1,700 mark due to increased staking inflows.
However, there is also an increasing demand for ETH as a result of its utility in these platforms. Staking has allowed ETH holders to generate additional returns on their holdings by locking them up in return for rewards.
ETH dips by 0.49%
Monday saw Ethereum (ETH) take a slight dip, losing 0.49% by the end of the day and settling at a price of $1,633.However, the day started off with a period of oscillation between its support and resistance levels. Eventually reaching a peak of $1,665 in mid-afternoon.
This was close to breaching the First Major Resistance Level (R1) at $1,666. Unfortunately, ETH was unable to break through and instead slid back down to its low point of $1,608. However, it managed to avoid dipping below its First Major Support Level (S1) at $1,602.Leading to some gains during its recovery phase to return to its ending point of $1,633.
Inflows of ETH staking remained high
The inflow of funds to Ethereum staking has remained at an elevated level in the lead-up to the upcoming Shapella upgrade. However, the upgrade, which is scheduled for this year, will bring a host of new features. Leading to improvements to Ethereum, making it even more attractive to investors.
