Ethereum Staking Hits Record High: 29.02% Of Supply Locked Signals Long-Term Conviction
Ethereum is trading at a critical level after reclaiming $2,400, showing resilience amid market volatility. Bulls defended key support levels following a dip below $2,200, but momentum remains fragile with price action consolidating, indicating trader indecision. A significant on-chain development reveals that the percentage of staked Ethereum supply has reached an all-time high of 29.02%, reflecting rising confidence among long-term holders and validators. Elevated staking levels typically coincide with lower active supply and reduced sell pressure, which is encouraging for bulls anticipating a breakout. Ethereum has risen 75% from April lows but remains nearly 98% below its all-time high, suggesting potential for further upside. Ongoing global risks and macroeconomic uncertainty, including rising interest rates and geopolitical tensions, contribute to market caution. The current price behavior could influence the broader altcoin market, with both bulls and bears preparing for the next major move.
