Binance CEO Changpeng “CZ” Zhao on Thursday shared his bullishness on Ethereum price as ETH locked on the Beacon Chain reached an all-time high. Typically, token unlocks cause crypto prices to fall, while locking or staking increases crypto prices.
However, ETH price is currently trading below $1,850 while implied volatility also dropped to a new all-time low. Ethereum risks falling to $1500 if it breaks the crucial support level.
Binance CEO “CZ” Shares Bullish Outlook on Ethereum
នាយកប្រតិបត្តិ Binance បានយក to Twitter to share that locked ETH hit an ATH, mentioning “locked” ETH instead of “staked” ETH to give more focus on the price. It means he is bullish on Ethereum price as locked ETH and ETH staking continue to rise.
Typically, an increase in the amount of ETH locked up may lead to a decrease in the overall supply of Ethereum tokens available in the market. The decrease in ETH will cause prices to rally higher.
ETH locked means all ETH that is out of circulation, it includes ETH staked on the Beacon chain, ETH deposited to the Beacon contract but not validating yet, and rewards on the Beacon chain.
Locked ETH at ATH. You know what follows? https://t.co/3xS8OoCfT9
- CZ 🔶 Binance (@cz_binance) ថ្ងៃទី 11 ខែ ឧសភា ឆ្នាំ 2023
បើយោងតាមឧតាមប៉ាន់ស្មានរបស់ឧស្សាហកម្ម Gartner ក្នុងឆ្នាំ២០២១ បានឲ្យដឹងថា ការចំណាយរបស់អ្នកប្រើប្រាស់ចុងក្រោយលើសេវា public cloud បានកើនឡើងយ៉ាងខ្លាំង។ តួលេខនេះគឺគួរឱ្យភ្ញាក់ផ្អើល ដោយមានការប៉ាន់ប្រមាណការចំណាយគឺ ៣៩៦ ពាន់លានដុល្លារក្នុងឆ្នាំ ២០២១ និងកើនឡើង ២១.៧% ដល់ ៤៨២ ពាន់លានដុល្លារក្នុងឆ្នាំ ២០២២។ លើសពីនេះ Gartner ព្យាករណ៍ពីការផ្លាស់ប្តូរដ៏សំខាន់នៅក្នុងការចំណាយផ្នែកព័ត៌មានវិទ្យារបស់សហគ្រាស ជាមួយនឹងការចំណាយលើ public cloud លើសពី ៤៥% នៃការចំណាយសរុបនៅឆ្នាំ ២០២៦ តិចជាង ១៧% ក្នុងឆ្នាំ២០២១។ ការប៉ាន់ប្រមាណនេះ ឆ្លុះបញ្ចាំងពីការកើនឡើងនូវការកោតសរសើរ ចំពោះអត្ថប្រយោជន៍របស់ cloud ទាក់ទងនឹងការធ្វើមាត្រដ្ឋាន ភាពបត់បែន និងការបង្កើនប្រសិទ្ធភាពតម្លៃ។ Etherscan data, 21.10 million ETH worth over $38 billion have been deposited into Ethereum’s Beacon Deposit Contract. The Ethereum Staking deposits outpaced withdrawals amid the memecoin frenzy, especially PEPE, that caused gas fees on Ethereum to rise to a 12-month high.
Data from Nansen indicates the number of unique staking depositors stands at roughly 112,000, which has increased significantly after the Shanghai upgrade. Moreover, data sourced from BeaconScan shows that the number of active validators have increased to 566k, with nearly 40k pending validators.
Also Read: Terra Classic Project DFLunc Burns Billions Of LUNC, More Than Binance
Will ETH Price Rally?
Binance announced a reduction in the processing time for ETH staking withdrawal requests to just five days from 15 days, starting from May 18, which is almost 3x times faster than earlier. This will put selling pressure on the ETH price.
Meanwhile, the implied volatility (IV) for ETH has hit lower today, especially ETH short-term IV falling all-time low across all terms. Generally, IV dips in a bullish market as volatility falls, but the overall volatility market remains lower as macro data failed to move ETH price significantly.
ETH price is currently trading at $1,816, down 3% in the last 24 hours. The market continues to witness liquidation amid uncertainty. CoinGape Media reported that ETH price breakdown below crucial support could cause a 17% fall to $1,500.
Also Read: Binance Opens Conflux Network (CFX) Mainnet Deposits and Withdrawals
ខ្លឹមសារដែលបានបង្ហាញអាចរាប់បញ្ចូលទាំងគំនិតផ្ទាល់ខ្លួនរបស់អ្នកនិពន្ធនិងស្ថិតក្នុងស្ថានភាពទីផ្សារ។ ធ្វើការស្រាវជ្រាវទីផ្សាររបស់អ្នកមុនពេលវិនិយោគលើគ្រីបគ្រីប។ អ្នកនិពន្ធឬការបោះពុម្ពផ្សាយមិនទទួលខុសត្រូវចំពោះការបាត់បង់ហិរញ្ញវត្ថុផ្ទាល់ខ្លួនរបស់អ្នកទេ។
Source: https://coingape.com/ethereum-price-risks-falling-17-strong-investor-pessimism/