Ethereum Price Prediction as Lido ETH Staking Withdrawals Approved - What's Next for ETH?
The Ethereum price has gained by 2% in the past 24 hours, with its price of $1,855 also representing a 2% rise in the past week.
These movements come in the wake of ETH staking withdrawals being enabled on Lido, which has seen a net outflow of ETH since it opened withdrawals last week.
However, the vast majority of these outflows have come from one party, bankrupt cryptocurrency lender Celsius, meaning that everyone else has generally been depositing ETH for staking (and not taking it out).
This sets Ethereum up nicely for a steady increase in its price, with rising staking likely to put a squeeze on ETH's supply, not that the market's bigger layer-one platform necessarily needed another source of growth.
ETH's indicators are in a very promising position, with its relative strength indicator peaking above 70 this morning, as more buying momentum comes in.
Just as bullishly, ETH's 30-day moving average (yellow) has risen over its 200-day average (blue), indicating a breakout that may continue for several days yet.
Key in any rally will be the coin's ability to break the $1,870 resistance level, which it failed to do earlier today.
Still, with its trading volume moving clear of $7 billion, ETH seems to have the impetus to reach new levels in the not-too distant future.
Its ascent will be helped by the arrival of staking withdrawals on Lido, which is the largest staking platform in the cryptocurrency ecosystem.
Lido currently holds around 6.6 million in staked ETH on its platform, and while it has seen net outflows since opening withdrawals, these have mostly come from a bankrupt company -- Celsius -- that desperately needed the funds.
What this means is that, contrary to any doom-mongers, the ability to withdraw staked ETH hasn't
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