He grows ETH 2.0 staking as merger nears


As Ethereum continues its transition to the Proof-of-Stake (PoS) consensus mechanism, the number of ETH 2.0 staking addresses grows, reaching the 12.7 million level (over 10% of the total ETH market supply). altcoins).

Recommended article: What is cryptocurrency staking?

ETH 2.0 staking grows

The transition to Ethereum 2.0 is the big project for Ethereum developers in the coming months. It will contribute to achieving greater scalability and effective cost optimization in the future

During the transition period, Ethereum encourages a steady increase in staking rates, appealing to more effective operations that can be achieved, as well as environmental benefits.

The general requirement is that an ETH holder must deposit at least 32 ETH to activate the validation software. However, various pooling solutions are available to allow even minor holders to participate in staking and earn rewards.

Despite the general drop in the price of ETH over the last 6 months, the amount of ETH staked continues to grow at a stable rate during the analyzed period. The reason is the growing number of validators who are also holders of Ethereum and who demonstrate a strong belief in its long-term growth, thus demonstrating their additional support for the transition.

The general progression towards Ethereum 2.0 also confirms the increased confidence in the project’s long-term prospects for members of the broader crypto community.

ETH 2.0 staking market

At the current time, the Ethereum 2.0 staking market is comparatively mature and allows for a high level of overall stability. This indicates the maximum probability of a successful transition to the proof of stake mechanism in 2022-2023.

The total amount of ETH in staking is equal to 13.27 million. More than 10.7% of the total ETH market is currently staked. In this way, the system can effectively maintain its flexibility and stability and, at the same time, allow the harmonization of the interests of all the main stakeholders.

The total number of validators exceeded 395K, indicating the high degree of decentralization of the network.

Each ETH holder can become a member of a larger staking community by selecting one of the following options:

Individual staking Participation (staking) as a service Joint staking.

All of these options have potential rewards and risks. Ethereum consultants can help recommend a specific option for different people, though a number of relevant factors should be considered, including ETH stakes, risk preference, and willingness to collaborate with other members to make better-supported decisions.

Despite the changing structure of staking options, the general staking trend remains stable over time.

Ethereum Price

Technical analysis allows you to identify major support and resistance levels that can be used to determine entry points and maximize long-term investment returns.

ethereum weekly chart may 2022

The major support level at $1750 allows to prevent ETH from capitulating to all-time lows and losing its position as the top altcoin.

Ethereum successfully uses this level to approach a new cycle of price growth with the main objective corresponding to the resistance level of $3300. This level process is historically significant in confirming or denying previous trends.

Should Ethereum break above it, the next big target is $4000, which will be the final resistance before testing all-time highs.

The growing staking activity on the Ethereum network constitutes one of the main factors increasing the demand for ETH and creating optimal conditions for its price appreciation at least to the first major resistance level of $3,300 in the coming months.

Afterwards, it will largely depend on the monetary policy implemented by the Federal Reserve and on investors’ access to cheap credit resources.

Disclaimer: The content and links provided in this article are for informational purposes only. islaBit does not offer legal, financial or investment recommendations or advice, nor does it replace the due diligence of each interested party. islaBit does not endorse any investment offer or the like promoted here.

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