Ethereum’s price exhibited a decline below the crucial $2,240 support level, dipping briefly under $2,200 before finding support around $2,165.
Similar to Bitcoin’s pattern, ETH established a short-term base and initiated an upward correction, currently trading at $2,205.
Amidst the price fluctuations, Celsius continued to make notable deposits of Ethereum to centralized exchanges (CEXs). In the past hours, Celsius deposited 18,000 ETH ($39.8 million) to both Coinbase and FalconX.
Since November 13, Celsius has deposited a substantial total of 298,760 ETH ($661 million) across Coinbase, FalconX, and OKX, maintaining a significant holding of 522,029 ETH ($1.16 billion).
Update:#Celsius deposited 18K $ETH($39.8M) to #Coinbase and #FalconX again 8 hours ago.#Celsius has deposited a total of 298,760 $ETH($661M) to #Coinbase, #FalconX, and #OKX since Nov 13.
And #Celsius currently holds 522,029 $ETH($1.16B).https://t.co/O71a2LfeKg pic.twitter.com/yVIya2XZZi
— Lookonchain (@lookonchain) January 25, 2024
Ethereum ETH Staking Stats Hits New High
In contrast to the market movements, January 2024 marked a notable increase in Ethereum staking activity, as reported by intotheblock.
The month witnessed the highest ETH staking rate, with approximately 29,128,513.51 ETH staked. Moreover, there was a significant uptick in the staking participation rate, reflecting a 24.29% increase.
According to @intotheblock January 2024 witnessed the highest eth staking rate with about 29,128,513.51 ETH staked and a staking participation rate of 24.29%.https://t.co/9ZAwSxhUZm pic.twitter.com/7327HLpUcH
— champagne mami 💕 (@EkponoAkwaowo) January 24, 2024
These developments underscore the dynamic nature of the Ethereum market, where price actions, institutional moves, and staking activities collectively contribute to the evolving landscape of the cryptocurrency.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: nexusplexus/123RF // Image Effects by Colorcinch
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