Key Insights:
- In the latest Ethereum news, the Bhutan government moves 320 ETH for staking on Figment on Thursday.
- It comes after the Bhutan government to anchor its national digital identity system on Ethereum.
- ETH price jumps ahead of the Fusaka upgrade, with analysts predicting a move to $3,400.
In a major Ethereum news today, the Royal Government of Bhutan just staked 320 ETH on the leading institutional staking platform Figment. It follows the selection of Ethereum for anchoring its national digital identity system.
Can the Royal Government of Bhutan’s support for Ethereum trigger a rally in ETH price above the key $3,400 level?
Big Ethereum News: Bhutan Govt Starts ETH Staking
The Royal Government of Bhutan moved 320 ETH worth $971K to Figment, Onchain Lens reported on November 27. The on-chain expert claims ETH was transferred for staking.
This was the first time the Bhutan government has moved ETH from its holdings for staking. Typically, the wallet linked to the Bhutan government is known for selling ETH.
In the last year, the wallet has offloaded 1119 ETH worth $2.2 million. The Bhutan govt still holds 336.021 ETH worth more than $1.02 million.
The wallet holds 6154.338 BTC worth $562.35 million, even after massive BTC selloffs by the Bhutan government recently.
Bhutan Govt Plans to Link its National ID System to Ethereum
The latest ETH move to Figment likely came in response to the Bhutan government’s plan to anchor its national digital identity system on Ethereum.
Vitalik Buterin and the Ethereum Foundation’s Aya Miyaguchi attended the launch event. They claimed it enables governments to use open infrastructure and maintain secure, sovereign, and verifiable public identity systems.
The major Ethereum news following the milestone marks not only a national achievement but a global step towards adopting a more open and secure digital future. The migration of all credentials is expected to be completed by Q1 2026.
Can ETH Price Rally?
Ethereum reclaimed the $3,000 psychological level amid the recent rebound in the broader crypto market. Analyst Ted Pillows predicts a rally towards $3,400 if bulls hold this level strongly.
Failing to hold this level will push ETH price below the $2,800 zone. The inflows into spot Ethereum ETFs currently support upside momentum.
Moreover, the Ethereum Fusaka upgrade is also approaching next week on December 3. During the last Pectra upgrade, ETH price pumped 50%. Will a pump happen again?
Ethereum jumped more than 3% in the past 24 hours, with the price currently trading at $3,005. The 24-hour low and high are $2,900 and $3,070, respectively.
Furthermore, the trading volume has increased slightly in the last 24 hours, indicating a cautious trading sentiment among traders.
In the daily timeframe, the ETH price is trading significantly below the 50-SMA and 200-SMA at the time of writing. Whereas, the Relative Strength Index (RSI) rises over 40, signaling potential for a further upside move.
CoinGlass data showed selling in the derivatives market. At the time of writing, the total ETH futures open interest soared by almost 3% to $36.61 billion in the last 24 hours.
However, ETH futures OI on CME and Binance fell more than 1% and 1.6%, respectively. This signals that derivatives traders remain cautious ahead of the monthly options expiry on Friday.