. Daily Crypto Analysis-Ethereum Staking Soars as Bond Yields Fall: $96.72B Surge

Daily Crypto Analysis-Ethereum Staking Soars as Bond Yields Fall: $96.72B Surge

Daily Crypto Analysis-Ethereum Staking Soars as Bond Yields Fall: $96.72B Surge

04 Oct 2023

Introduction:

Ethereum (ETH) staking is gaining momentum, possibly challenging traditional bond investments, despite record yields in Treasury bills. With the global staking market surpassing $96.72 billion, we explore whether Ethereum staking can compete with established financial products, as ETH staked recently surged by 32.8%, reaching $44.63 billion in market capitalization.

Ethereum:

ETH staking could gain short-term preference over bonds despite records yields.

In the past week, there has been an increase in Ethereum staking. At this time, Treasury bill yields are doing better than they have since 2007.The increase in T-bill yields is purportedly caused by controlled inflation and encouraging economic indicators.

The second-largest cryptocurrency by market cap, Ethereum (ETH), has drawn attention as a staking-based investment option. We evaluate if Ethereum staking demand falls short when compared to conventional financial products as the global staking market cap hits $96.72 billion.

Data from Staking Rewards shows a significant increase in the Ethereum staking market. The amount of ETH staked climbed by 32.8% over the last day. The 24-hour trading volume fell by 7.8% while Ethereum price stayed stable at around $1,640. Additionally, the market capitalization of ETH staked increased by 3.6% during the past week to reach $44.63 billion.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 1641.30 | Negative Crossover | Bearish
  • MA 20: 1646.20| Negative Crossover | Bearish
  • MA 50: 1632.11 | Positive Crossover | Bullish

Simple:

  • MA 5: 1640.48 | Negative Crossover | Bearish
  • MA 20: 1652.60| Negative Crossover | Bearish
  • MA 50: 1621.57 | Positive Crossover | Bullish

RSI (Relative Strength Index): 47.89| Buy Zone |Bullish

Stochastic Oscillator: 2.63 | Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 1637.49| R2: 1722.02
  • S1: 1595.23 | S2: 1512.54

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 1563.99 | Take Profit: 1512.54 | Stop Loss: 1602.58.

Elsewhere In the Crypto Market

XRP spikes as Ripple scores Singapore license, SEC loses motion to appeal. The BTC bull market awaits as US bear market gets steeper.

Bitcoin up (0.58%) at 27,592.00, Ethereum down (0.1%) at 1,648.1, Litecoin down (1.65%) at 64.38, Solana up (0.04%) at 23.54, Doge coin down at (0.37%) at 0.61 as of writing time.

Key Economic Events & Data Release Today:

(EUR) ECB President Lagarde Speaks at 13:30.