What ETH 2.0 Deposits Hitting ATH Might Mean for Ether Holders

ETH 2.0 witnessed deposits hitting an ATH on June 30. That comes after the leading alt endured a massive blow following the Three Arrows Capital liquidation. With Ether swaying around the break-or-make zone, investors might wonder where Ethereum will go next.

No Break Beyond Here

Ethereum rode one of the sizzling months since its launch. The alternative token had to experience the effects of the 3AC slump in June before healing the Terra wounds. Though ETH’s fate remained within the void, investors remain optimistic due to the awaited Merge.

Meanwhile, Glassnode reports show ETH 2.0 total value deposits hit the 12,976,933 ETH all-time highs. Investors continued to deposit in staking contracts as we neared the Merge launch. That confirms increased investor confidence.

What for $ETH Now?

ETH still struggles amidst market volatility despite surged enthusiasm in staking ETH2.0. Ethereum has lost 5.25% since June 29. Moreover, the leading alt battled to maintain the $1.1 mark, changing hands at $1,063 at this publication. The latest ETH dip emerged after updates about 3AC’s bankruptcy.

The current dip attracted accumulation as the June crash translated to discounted prices. Moreover, Santiment data showed ETH whale and shark addressed increased their bags by 1.1% since June 7. This phase had ETH price losing 39%, revealing a lucrative dip-buying opportunity. Historical evidence shows this cohort has detected future price actions.

Moreover, observing metrics’ behavior can reveal investor movement. Recent sessions saw Ethereum’s volume diminishing. Also, the mentioned whale action was at the highest mark in mid-June before slowing down within the last few days. Ethereum’s social dominance also swayed at lower levels in June. This index hit monthly peaks during the Celsius crash/ 3AC highs on June 14. Moreover, ETH online chatter saw a significant reduction recently.

ETH2.0 could experience a home run as its accumulation gains speed. Meanwhile, falling metrics and dipping prices print a strange outlook for ETH at the moment. Son, what next for Ethereum from here? Investors should adopt the wait and watch approach for now.

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