Ethereum Prices Forecast: ETH-Futures ETF Buzz and Staking Stats Drive Price Support

Withdrawal Profile 200823

On Sunday morning, the net staking balance stood at a 94,450 surplus ($158.25 million), up 126.6% over 24 hours. Deposits totaled 104,520 versus withdrawals of 10,070.

According to TokenUnlocks, total pending withdrawals stood at 38,500, equivalent to approximately $64.23 million. Notably, the staking APR stood at 4.97%, up 1.22% over 24 hours. The upward trend in staking APR, the rise in the net staking balance, and relatively steady pending withdrawals are bullish price signals.

(Values are in ETH unless otherwise stated).

Ethereum Price Action

This morning, ETH was down 0.04% to $1,669. A mixed start to the day saw ETH rise to an early high of $1,675 before falling to a low of $1,665.

Daily Chart

The Daily Chart showed ETH hovering at the upper level of the $1,670 – $1,650 support band. Despite the bullish Saturday session, ETH remained below the 50-day and 200-day EMAs, sending bearish near and longer-term price signals.

Looking at the 14-Daily RSI, 22.03 showed ETH in oversold territory. However, the RSI aligns with the EMAs, signaling a fall through the $1,670 – $1,650 support band to bring sub-$1,600 into play. A move through $1,700 would give the bulls a run at the 200-day EMA and the $1,795 – $1,815 resistance band.

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