The big question among investors is:When Ethereum (ETH) will reach again the $2,000? The price of the second cryptocurrency reached its highest point since May 6reaching the u$s1.976. However, the psychological barrier of u$s2,000 still hasn’t been surpassedsince the asset fell back to u$s1.953.
In recent months, ethereum has been trading in a sideways range, approaching those values, but without breaking the resistance barrier. Although Bitcoin is also at high levels and faces strong resistance, Ethereum is likely to follow if it manages to break that ceiling.
Ethereum: the keys to keep in mind
The demand for services liquid staking from ethereum increased considerably after the Shapella updatewhich led Lido to become the dominant player in the liquid staking token market.
He liquid staking is a mechanism used in the crypto world that allows users to deposit units of a specific digital asset on a particular blockchain as collateral. In exchange for this depositparticipants obtain the right to process transactions and receive rewards in the form of tokensas ethers (ETH) in the case of ethereum.
In a recent report titled “Week On-chain“, Glassnode, an analytics firm, dug deeper into the space of liquid staking. Although a particular platform gained dominance, this may not benefit the Ethereum ecosystem in its entirety.
Despite the increase in liquid staking, Ethereum he is surpassed by his older brother, Bitcoin. During the second quarter, ETH only registered a 3.4% increase, while BTC rose 8.6% in the same period. Glassnode also noted that the ETH/BTC ratio reached its lowest level in 50 weeksstanding at 0.060.
However, regarding Ethereum staking, there was an increase in the total value locked of more than 20% since withdrawals were enabled in mid-April. According to the report: “Despite this, instead of seeing a wave of withdrawals, the update prompted a new wave of depositsas participants find confidence in this new flexibility.” Furthermore, staking deposits exceeded withdrawals, especially from June 2.
Glassnode compared the volume of ETH locked to the volume of entry into exchanges, concluding that the Newly locked ETH is equal to or greater than inflows to exchanges since the implementation of Shapella.
lidoas a staking provider, is the dominant platform reflecting the market demand for liquid staking tokens (LST), with a new all-time high of 7.49 million STETH blocked: “Compared to other liquid staking competitors, Lido stands out as the undisputed leader in the sector, with an offer 16 times that of its closest competitor.”
However, Ethereum developers warned about dominance of Lidosince it could lead to a “cartelization” of the block space.
Source: Ambito
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