• Despite the recent recovery, ETH is still down 3.26% in the last 30 days.
  • The ETH price found support at $1526 level and started a recovery rally.

For the first time since May, the validator queue on the Ethereum blockchain has emptied, suggesting that investor appetite for ether staking has plateaued, as reported by Coinbase. To validate blockchain transactions and get rewards, validators lock up ether.

After reaching its maximum capacity, validator entry dwindled staking returns to 3.5% from 5%, and Coinbase anticipates a continuation of this trend now that validator growth has stalled. The Ethereum mainnet maintained consistent activity in Q3, and the research stated that the next big upgrade will not occur until the first half of 2024.

Optimistic Outlook

On the other hand, on-chain information has been a source of optimism for Ethereum. The proportion of wallet addresses beginning their first-ever ETH transactions is tracked by the New Adoption Rate statistic, which reached a one-month high of 34% and surpassed the 30-day average of 24%. 

This uptick may provide support for ETH’s price stability by indicating that a growing number of users are actively onboarding the Ethereum network.

At the time of writing, ETH is trading at $1582, up 1.60% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 114.64%. Despite the recent recovery, ETH is still down 3.26% in the last 30 days.

The price found support at $1526 level and started a recovery rally. If the price manages to go past $1590 resistance level then it will likely head towards the $1630 mark. Conversely, if the price goes below the recent low of $1526 then it will likely test $1431 support level.