Despite Massive Exchange Deposits Of Ethereum, ETH Staking Stats Hits 29,128,513.51 ETH 

Ethereum’s price exhibited a decline below the crucial $2,240 support level, dipping briefly under $2,200 before finding support around $2,165.

Similar to Bitcoin’s pattern, ETH established a short-term base and initiated an upward correction, currently trading at $2,205.

Amidst the price fluctuations, Celsius continued to make notable deposits of Ethereum to centralized exchanges (CEXs). In the past hours, Celsius deposited 18,000 ETH ($39.8 million) to both Coinbase and FalconX. 

Since November 13, Celsius has deposited a substantial total of 298,760 ETH ($661 million) across Coinbase, FalconX, and OKX, maintaining a significant holding of 522,029 ETH ($1.16 billion).

Ethereum ETH Staking Stats Hits New High

In contrast to the market movements, January 2024 marked a notable increase in Ethereum staking activity, as reported by intotheblock. 

The month witnessed the highest ETH staking rate, with approximately 29,128,513.51 ETH staked. Moreover, there was a significant uptick in the staking participation rate, reflecting a 24.29% increase.

These developments underscore the dynamic nature of the Ethereum market, where price actions, institutional moves, and staking activities collectively contribute to the evolving landscape of the cryptocurrency.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: nexusplexus/123RF // Image Effects by Colorcinch