Ethereum has found a lot of resistance after $2,100 as bears are ramping up their activities once more. The digital asset saw a good run last week following the Shapella upgrade given that withdrawals from the Ethereum Beacon contract were not as high as expected. However, the ETH withdrawals have increased over the weekend and the cryptocurrency is experiencing buy pressure that is keeping it below $2,100.
Ethereum Withdrawals Cross $2 Billion
Last week, the pending Ethereum withdrawals were around $1.6 billion, which worked out to around 3% of the total locked supply. However, the tide has now turned as more withdrawal requests came over the weekend. This quickly brought the amount above $2 billion and the price suffered for it.
According to Token Unlocks, pending ETH withdrawals are now worth approximately $1.9 billion, working out to over 905,000 ETH waiting to be withdrawn. The net staking balance also took a nosedive and is now down to 350,980 ETH worth $735 million at the time of writing.
Withdrawals have also surpassed newly staked coins as well with 1.04 million ETH withdrawn since the Shapella upgrade and only 380,420 ETH staked in the same time period. Estimated daily withdrawals now sit at $68 million per day with $33 million expected to be withdrawn in the next 10 hours.
ETH withdrawals cross $2 billion | Source: Token Unlocks
One of the things that have seen a positive upside is the APR for stakers which has risen to 4.99%. The total number of validators on the network also rose drastically over the last week. It went from 286,000 validators to more than 472,000 validators in four days.
ETH Still Battling The Bears
Despite the increased withdrawals leading to more selling pressure for Ethereum, the digital asset is not giving up easily. It has lost its footing at $2,100 but has seen significant support mounted just above $2,000. This meant that ETH was able to minimize losses through the low liquidity period of the weekend and has come out into the new week still trending above $2,000.
ETH trending above $2,000 | Source: ETHUSD on TradingView.com
The majority of the resistance for the digital asset is now sitting just above $2,200. However, if ETH were to experience the kind of momentum it saw last week, it would easily be beating this resistance level before the week is over.
Its major bull case lies in the fact that ETH is still trading well above its 100-day and 200-day moving averages. And as long as ETH continues to maintain this level, forecasts remain incredibly bullish once withdrawals taper off.
At the time of writing, ETH is seeing meager gains of 0.04% on the 24-hour chart. It is trading at $2,087, while its trading volume rose 32% in the last day to sit at $9.3 billion.