"Coinbase's Staking Secrets: 21% of ETH Unaccounted, cbETH's Value Uncertain"

Coinbase, the largest custodian of staked Ethereum (ETH), has been criticized for its lack of transparency regarding its staking operations. Despite managing an estimated 21% of all staked ETH, Coinbase has refused to disclose information on its staked ETH holdings for the past five quarters. This lack of transparency has raised concerns about the integrity of its staking operations and its role in Ethereum's security layer.

Tracking Coinbase's staked ETH has proven challenging due to its frequent address rotations. While independent analysts have estimated a constant 15% of staked ETH under Coinbase in previous quarters, recent data suggests this number could be around 8.4%. However, this figure only accounts for labeled addresses, with a significant portion unaccounted for. As Coinbase continues to modify its staking structure, accurately determining its true holdings remains a challenge.

Coinbase's Base network, an Ethereum Layer-2 solution, aligns closely with Ethereum's ecosystem. However, the exchange has refused to disclose its role in Ethereum's security layer, which could enhance trust in its staking products. Additionally, cbETH, a token representing staked ETH on Coinbase, might have gained broader adoption if its backing was verifiable. Instead, Coinbase expanded cbETH's supply without proving the corresponding staked ETH, creating uncertainty about its actual value.

Ethereum has been showing signs of stability, trading at $2,728.67 with a 1.55% gain in the past 24 hours. A critical support zone lies between $2,685 and $2,690, where previous price action suggests strong buying interest. If ETH fails to hold above this level, the next key support may form around $2,650. On the upside, resistance is visible between $2,740 and $2,750. A breakout above this level could push Ethereum toward $2,780 or even $2,800 in the near term.

The Relative Strength Index (RSI) currently stands at 43.14, slightly above the oversold territory. This suggests ETH remains in a neutral-to-bearish zone, with potential for recovery if buying pressure increases. Meanwhile, the MACD indicator reveals a bearish trend, with the MACD line at -