08 March 2023 07:29, UTC
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In a tweet, this morning, Santiment, the blockchain analytics platform, stated that Ethereum 2.0 stakers have seen “realized values completely taper off over the past 10 weeks.” The tweet also added that long-term stakers are now down an average of 31%.
📊 #Ethereum 2.0 stakers have seen realized values completely taper off over the past 10 weeks. Additionally, long-term stakers are now down an average of 31%. Check out the latest @santimentfeed template covering key $ETH 2.0 and #AaveV2 supply info. 👌 https://t.co/7eHkTBzjqI pic.twitter.com/JbVdy0hLyM
— Santiment (@santimentfeed) March 7, 2023
A chart shared in Santiment’s tweet shows that the realized value for ETH 2.0 stakers has flattened. Furthermore, the data hints that ETH 2.0 is undervalued as the average returns for ETH 2.0 stakers have lowered.
At press time, the leading altcoin’s price is down 1.21% over the last 24 hours according to CoinMarketCap. This 24-hour drop in price has added to ETH’s negative weekly performance which currently stands at -5.73%. As a result, ETH is trading at $1,555.95 at press time.
Daily chart for ETH/USDT (Source: TradingView)
ETH’s price is trading below the critical $1,570 price level after it was rejected by the level earlier in today’s trading session.
Technical indicators on ETH’s daily chart are still bearish with the 9-day EMA positioned below the 20-day EMA. In addition, the shorter EMA line breaks away below the longer EMA line at press time.
Accompanying the bearish technical flag present between the 9-day and 20-day EMA is the daily RSI indicator. The daily RSI line is trading below the RSI SMA line. The daily RSI is currently closer to oversold territory.
However, the slope of the daily RSI line has leveled off somewhat over the last 24 hours, which suggests that ETH’s price will consolidate at this level for the next 24 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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