Here’s why the staked ETH update could mean little for its price

ETH’s price action has been relatively dormant despite the surging amount. But can its latest characteristics reveal where it was headed in the short term? Perhaps its bearish performance in the last 24 hours may offer some useful insights. A 2.8% pullback occurred at the time of writing after a brief push above the 50% RSI level.A bearish pullback ensued the last time that the price pushed above the RSI mid-point.

If the above observations lead to price weakness, then ETH might lose its current support near the $1,780 price level. The price may slip below $1700 and if that happens, traders should watch out forAs far as on-chain observations are concerned, network growth fell significantly in the last five days, almost to the lowest four-week levels. This was despite a surge in on-chain volumes during the same period.Any short-term sell pressure might be short-lived because whales have been accumulating.

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