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After three straight months of unpegging the selling pressure, the Ethereum network registered a positive signal as the entry queue exceeded the exit queue.
How do analysts explain this change? What could this mean for the price of ETH?
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Why could ETH price double when de-foreclosure pressure weakens?
Monitor the Ethereum entry and exit queue waiting to start Attach or detach.
First, analysts They think what you do Sales pressure may increase If the amount of eth in the queue to enter continues to grow.
Data from ValidatorQueue shows that the queue to enter has exceeded the queue to exit since September 10, with the trend officially reversing the previous imbalance.
There are currently about 745,600 eth on the input queue, while about 360,500 eth remain in the output queue.
Crypto analyst Hintz described the recent period as the “Great Migration” of eth, as this movement contributed significantly to the continuous decrease of the eth price from $4,800 in early September to around $3,000 today.
CryptoHuntz said that the Great Migration is over… Finally, the selling pressure of the last three months is starting to dry up, the demand for entry in eth is back in charge, and the landscape is starting to recover. He said that.
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Abdul, head of DeFi at Monad, offers a more optimistic outlook based on historical price action.
He estimated that about 5% of the total supply of eth, worth about $15 billion, was in circulation as of July, and predicted that the exit queue for validators could reach zero by January 3rd. He stated that.
Abdul also pointed out that the last time the entry queue exceeded the exit queue was in June, and the price of eth doubled shortly after.
This observation suggests that a similar scenario may occur, where eth may recover from its current price of $3,000.
This trend was given further support by a recent decision by Tom Lee, president of Bitmain. Bitmain holds the world’s largest Ethereum treasure, worth about $12 billion, and has decided to participate in staking.
BeInCrypto said In his report Bitmain has deposited approximately 74,880 Ethereum coins, worth an estimated $219 million, into an Ethereum staking contract. This amount represents only a small part of his total holding of 4.07 million Ethereum. The goal is to get a return, which could reach $ 371 million a year if the total balance is stacked at a 3.12% annual rate of return.
CryptoCount data indicates that the total amount of eth deposited by investors in protocols and contracts has remained relatively stable at around 36 million. This level was maintained as the value of Ethereum climbed close to $4,900. Despite the above positive signals, it is still too early to announce a change from the current sideways trend.
This optimistic scenario also encountered some obstacles. Several indicators indicate the chain Until selling the pressure of American investors is still there.
