ETH Bulls Remain in Control with $2,000 in View on ETF News

On Friday, Ethereum (ETH) increased by 1.18%. ETH finished the day at $1,894, reversing a loss of 0.95% on Thursday. Significantly, ETH made a third session in a row visit to the $1,900 handle.

ETH dropped to a low of $1,862 in the early afternoon after a range-bound morning. ETH climbed through the First Major Support Level (S1) at $1,848, avoiding it, and reached a high of $1,937 in the late afternoon. Before finishing the session at $1,894, ETH broke over the First Major Resistance Level (R1) at $1,915.

An Unexpected Crypto Market Breakout from the SEC

News about Ethereum had a negligible influence on Friday. The news that Gemini has started ETH staking in the UK was ignored by investors.

Gemini released Gemini Staking Pro on Friday, announcing the expansion to the UK with the following statement: "We are thrilled to announce the debut of Gemini Staking Pro. With the help of Gemini, UK users with 32 ether (ETH) or more can now easily start dedicated validators on Ethereum.

In addition to other nations, Gemini Staking Pro is available in the US (ex-New York), Singapore, Hong Kong, Australia, and Brazil.

A mid-afternoon breakout was nonetheless sparked by the SEC's approval of the Volatility Shares Trust 2x Bitcoin Strategy ETF. Launched on June 26, the 2x Bitcoin Strategy ETF aims to achieve twice the excess return of the S&P CME Bitcoin Futures daily Roll Index daily.

Staking Statistics Indicate Positive Attitude

Staking inflows decreased from 151,808 ETH on Thursday to 55,488 ETH on Friday, according to CryptoQuant. Staking inflows significantly decreased back below the 100,000 ETH mark.

With the decline in staking inflows and net staking surplus acting as a drag, the total amount staked increased at a less pronounced rate.

With primary withdrawals declining to more typical levels, the overnight withdrawal profile was optimistic. The withdrawal forecasts, though, were more pessimistic for the morning session. According to projections, main withdrawals will increase.

The net staking surplus balance on Friday was 61.490 ETH, or $116.69 million. There were 67,370 ETH in total deposits and 5,880 ETH in withdrawals.

TokenUnlocks reports that the entire amount of pending withdrawals was 55,360 ETH, or roughly $104.58 million. It is noteworthy that the staking APR was 5.90%, down 1.34% from the previous day. Staking inflows are hindered by the staking APR's ongoing fall.