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On Wednesday, Ethereum (ETH) decreased by 2.91%. ETH finished the day at $1,800, reversing a Tuesday gain of 1.98%. ETH ended the day around $1,800 for the eleventh straight session despite the negative session.

Following the general cryptocurrency market, ETH dropped from a high of $1,855 in the first hour to a low of $1,775 in the early afternoon. Before completing the day at $1,800, ETH broke through the First Major Support Level (S1) at $1,822 and temporarily broke past the Second Major Support Level (S2) at $1,790.

Staking Inflows and News Regarding the US Debt Ceiling

Staking inflows decreased from 217,056 ETH on Tuesday to 76,256 on Wednesday, according to CryptoQuant. The decline to below 100,000 was negative and supported the decline of ETH to below $1,800.

Bearish was the withdrawal profile. Principal withdrawals spiked to above-average levels last night. Although main ETH withdrawals were anticipated to revert to typical ETH withdrawal levels, withdrawal forecasts for the morning session were more optimistic.

The net ETH staking balance increased to 220,950 ETH, or $408.36 million, on Wednesday from a surplus of 56,510 ETH on Tuesday. There were 225,330 ETH in total deposits and 4,370 ETH in withdrawals.

TokenUnlocks reports that the entire amount of pending withdrawals was 46,420 ETH, or around $85.70 million. Notably, the staking APR was 8.66%, remaining constant over the previous day.

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