Ethereum Staking Surges 500,000 ETH in Two Weeks

Ethereum has achieved a significant milestone with over 35 million ETH now locked in staking contracts. This surge, which saw 500,000 ETH staked in just two weeks, underscores the growing confidence in the network. Long-term holders are accumulating ETH without selling, indicating a strong belief in the network's future.

According to on-chain analytics data, in the first half of June, more than 500,000 ETH were added to Ethereum’s staking contract, pushing the total staked amount to an all-time high of over 35 million ETH. This is significant because staking locks up coins, reducing the liquid supply and potentially creating upward price pressure, especially if demand increases.

Another strong signal comes from accumulation addresses, which are wallets that have never sold any ETH. These addresses now hold a record 22.8 million ETH, suggesting that a large group of Ethereum holders are not just bullish but are committed to holding their ETH for the long term. They are not taking profits or reacting to short-term market moves but are quietly building their stack and waiting.

Ethereum's price is holding steady above a rising support line near $2,556, indicating that buyers are still active. If the price manages to break past $2,660, it could quickly climb toward $2,720. A strong push above that level might even take ETH to $2,800 in the short term. However, if Ethereum fails to move above $2,500, it might fall again, with support around $2,460.

The record-high staking activity is a positive development for the Ethereum network, enhancing its security and decentralization. Staking involves locking up ETH in a smart contract to support the network's operations and earn rewards in return. The more ETH that is staked, the more secure and decentralized the network becomes, reducing the risk of a 51% attack and ensuring resilience against potential threats.

The increase in staked ETH also reflects the growing interest in decentralized finance (DeFi) and other blockchain-based applications built on the Ethereum network. As more users and developers flock to the Ethereum ecosystem, the demand for ETH is likely to continue to rise, further driving up the value of the cryptocurrency.

In conclusion, the record-high staking activity on the Ethereum network is a positive development that reflects the growing interest and confidence in the network among investors and users. The increase in staked ETH enhances the network's security and decentralization, while also driving up the demand for ETH and contributing to the growth of the broader Ethereum ecosystem.