Staking on Ethereum is picking up pace again, as there are now more deposits than withdrawals. This resulted in an increase in the amount of ETH pegged on the beacon chain.
Ethereum deposits are now larger than withdrawals, and they have been for the past day or so.
According to the Nansen Shapella dashboard, ETH deposits exceeded withdrawals late on April 17 and have remained above them since then. In the last hour, it recorded 154 withdrawals and 7,020 deposits.
The numbers vary slightly depending on the analytics platform used. Token Unlocks currently says that a total of 1.08 million ETH has been withdrawn so far. It also states that 575,000 ETH has been frozen since the Shapella upgrade a week ago today.
This means that the total staking balance has only decreased by about 500,000 ETH.
Increase your Ethereum Staking balance
If the trend continues, the total amount of Ethereum bets will actually increase, according to Nansen and UltrasoundThe balance has already increased to between 18.4 and 18.7 million ETH depending on which number you use.
The code opens reports The staking balance has increased by 26,680 ETH over the past 24 hours.
However, there is still a large portion in the pending withdrawal queue. Nansen claims that 5.2%, or 979 million ETH, is waiting to be withdrawn. Much of this is due to the staking services Kraken being shut down by US regulators earlier this year.
According to some industry experts, a massive increase in staking Ethereum is not necessarily a good thing. Earlier this week, BeInCrypto reported that low levels of ETH bets could be bullish for the asset.
It has been predicted that staking ETH will not reach the high levels of other tier 1 blockchains even with liquid staking incentives. This is due to its wide use cases.
ETH price forecast
ETH price has been holding above $2,000 in the past six days. The asset has recovered minor losses yesterday to trade at $2,095 at the time of writing.
Ethereum has gained about 11% over the past week after the Shapella upgrade. However, it is facing strong resistance at the current price levels.
A big move is needed to take it to the next level. However, the bearish swing might revisit the support just over $1900.
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