• Ethereum [ETH] validators were doing well in terms of generating revenue from staking.
• Real staking returns improved to 6% in Q4 of 2022.
• A bearish order block around $1700 could offer an ideal selling opportunity.
Ethereum Validators Generate Revenue from Staking
A recent report highlighted that Ethereum [ETH] validators were doing well in terms of generating revenue from staking, despite the volatility in the price. Moreover, on 1 March, Messari revealed that real staking returns improved to 6% in Q4 of 2022. The Merge vastly improved the economics for stakers. Real staking returns improved from 1% in Q3 to 6% in Q4 of last year. The majority of the increase came from a fall in net inflation from 4% to 0%.
Price Performance and Possibility for Short Selling
Is your portfolio green? Check the Ethereum Profit Calculator This was good for long-term holders. Indeed, the price has performed well, considering its rally from early January. Although the market structure was bullish on the higher timeframes, a revisit to $1685 could initiate strong bearish pressure. The bearish order block around $1700 could pose stern resistance to the price Source: ETH/USDT on TradingView The six-hour price chart showed that ETH broke its bullish structure on 22 February, highlighted in orange. It fell to the $1590-$1605 area on 24 February, an area that continued to serve as a significant area of demand. At the time of writing, Ethereum appeared to be headed upward after bouncing from $1600 within the past 36 hours. The RSI climbed above neutral 50 to highlight some bullish momentum that had taken hold. The OBV was in an uptrend as well, showing steady buying pressure .Over the past six weeks, the price has oscillated between $1504 and $1707 as support and resistance respectively .Highlighted in red was a bearish order block on daily timeframe from 10 September .The recent break meant short positions were favored with a potential target at mid range mark at 1600 and range lows at 1504 .
Fair Value Gap Serving As Potential Target
Highlighted in white was another bearish order block , this time on H6 timeframe .Moreover there is fair value gap extending form 1687-1695 which could offer shorting opportunity for ethereum traders , a session close above 1720 would invalidate this idea .
The information presented does not constitute financial , investment , trading or other types of advice and is solely writer’s opinion .