Ethereum Surges 40% in November as Staking Reaches All-Time High
Ethereum #ETH has gained significant attention in November, achieving a 40% increase and surpassing $3,500 for the first time since July. In contrast to Bitcoin's multiple all-time highs, Ethereum displayed resilience and increasing investor interest.
In the past week, Ethereum rose 12.60%, moving from $3,031 to a peak of $3,515. This period also saw record-breaking Ethereum staking activity. Analyst Maartunn reported that weekly net flows for ETH staking reached unprecedented levels, indicating a market shift as staking withdrawals began to fall behind deposits.
📊 Ethereum Staking Sees Strong Weekly Net Inflows After Months of Outflows
Over the past week, Ethereum staking recorded a net inflow of +10k ETH, with 115k ETH deposited and 105k ETH withdrawn. This marks a notable shift, as deposits have outpaced withdrawals after months of… pic.twitter.com/4SEX60vQUx
— Maartunn (@JA_Maartun) November 24, 2024
Ethereum Staking Records 10K ETH Net Inflow
Data from IntoTheBlock shows Ethereum staking experienced a turnaround with a net inflow of 10,000 ETH after a period of outflows. Specifically, 115,000 ETH was deposited while 105,000 ETH was withdrawn. This change indicates reduced supply, which may limit inflation and support price increases. A balance of diminishing supply and rising demand often leads to price rallies, enhancing Ethereum's market position.
Rising prices and improved staking infrastructure contribute to this resurgence. Enhanced staking systems encourage investors to lock up their ETH, effectively reducing circulating supply. An increased stock-to-flow ratio reflects this scarcity, a key driver of asset value that typically boosts prices when demand remains strong.
Additionally, major holders are increasing their ETH positions, as shown by higher monthly staking inflows. This trend signifies growing confidence among large investors, intensifying buying pressure and tightening supply. Their accumulation of ETH adds upward momentum, reinforcing rising price trends.
The combination of heightened staking activity and increasing value has strengthened Ethereum's market performance. Currently trading slightly above $3,500, ETH shows a 4.50% gain over the last 24 hours. Continued buying dominance could push prices past the $3,560 resistance level, enabling further growth.
Analyst Predicts Ethereum to Hit $5,300 – $15,300
Crypto analyst Alan Santana from TradingView forecasts a positive long-term outlook for Ethereum. He compares ether's characteristics to a pervasive element, highlighting its intrinsic value and widespread adoption. Analyzing Ethereum's weekly performance, Santana notes consistent growth, signaling optimism for the crypto sector.
“Let’s argue, $11,300 or $15,300? […] I considered another option. Choose from $7,300, $11,300, or $15,300 […] You know what? $5,300 will be easy, representing a 60% increase and a new All-Time High from the current price,” said Santana.