Ethereum Soars To 11-Month High Amid Massive Staking Withdrawals

The price of Ethereum has surged to an 11-month high despite the withdrawal of nearly 240,000 ETH. The withdrawals did not have any negative impact on the Ethereum price trend as the crypto asset is on a surge spree.

As of the time of writing, ETH has recorded a price growth above 6% in the past 24 hours, beyond BTC’s 1.77% gain. There is seemingly an improvement in market sentiment around the asset today, causing ETH’s value to skyrocket. 

This is also evident in the token’s trading volume in the past 24 hours. If this trend continues, the price could surge beyond the $2,500 mark soon.

Ethereum Price Trend And Withdrawals

As of today, the price of Ethereum has surged over $2,000, its highest level over the past 11 months. This is a substantial increase from its recent price of $1,900 as of yesterday. In the meantime, the Ethereum market sentiments are bullish, particularly after its price surge.  This could be due to the Shapella upgrade that took place this week.

Ethereum now stands at $2,115, a 5.13% surge over the last 24 hours. Meanwhile, Bitcoin still hovers around a 1.77% price increase in the same period.

Furthermore, Ethereum’s trading volume is currently up by 25.45%, surpassing that of Bitcoin, which now stands at 9.22%.

The surge in Ethereum’s price has also caused a ripple effect on the broader digital asset market. Several other cryptocurrencies, including Bitcoin and Binance Coin, have experienced price increases.

In the meantime, crypto investors can only watch to see how long this surge in Ethereum’s price will last. But for now, it appears that the digital currency market is once again heating up. 

Data From Token Unlocks

An industry analyst, Colin Wu, noted that the token withdrawal occurred approximately 30 hours after the Shanghai upgrade. But he also stated that the network received about 100,000 ETH deposits afterward. As such, data from Token Unlocks shows that the net staking balance is now 139,000 ETH, worth about $277 million.

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The data also shows that about 1.11 million ETH worth $2.35 billion are still on hold for withdrawal at the time of writing.

Wu cited in his tweet that 63% of this amount goes to Kraken, whose staking services are currently not functional due to the suspension from the United States Security and Exchange Commission. Meanwhile, Coinbase, Huobi, and Lido Finance account for 11%, 5.1%, and 31%, respectively.

Featured image from Pixabay and chart from Tradingview

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