Ethereum (ETH) Sets Major Staking Milestone: Details

Ethereum (ETH) has achieved a significant milestone in staking, according to on-chain analytics firm Santiment. Staking involves depositing a minimum of 32 ETH to become a validator and help secure the Ethereum network while earning rewards. However, users can stake any amount of ETH and participate in securing the network. The ETH2 Beacon Deposit Contract, used for staking deposits for Ethereum 2.0, now holds a record-breaking 47.36 million ETH, accounting for 33.9% of the entire ETH supply. This figure has more than tripled from the 10.9% held two years ago, indicating a growing trend in ETH staked. This milestone reinforces the network’s strength against attacks, as controlling a majority of the network requires more ETH. In another notable development, Blackrock’s BUIDL fund, operating on the Ethereum network, has attracted new investors and now has nearly $500 million in total assets. As for Ethereum’s price action, it currently trades at $3,079 and faces potential support at $2,850. If this support level breaks, selling pressure may increase, potentially leading to a downward trend towards $2,200. However, if the price bounces back above $3,110, it could signal the beginning of a relief rally beyond $3,200.