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Market News ETH Eyes Sub-$1,750 on President Biden Comments and Debt Ceiling News

ETH Eyes Sub-$1,750 on President Biden Comments and Debt Ceiling News

For ETH, the week has gotten off to a gloomy start as it dropped below $1,800. News on the US debt limit and Fed chitchat will be the main topics for the day.

TOP1Markets Analyst

2023-05-23

8681

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On Sunday, Ethereum (ETH) decreased by 0.82%. ETH gained 0.39% on Saturday but lost it on Sunday, falling to $1,805 in the process. Notably, ETH missed the $1,850 handle for the eleventh session in a row.

As the day got off to a bullish start, ETH climbed to a first-hour high of $1,830. ETH fell to a late-session low of $1,797 as it approached the First Major Resistance Level (R1) around $1,831. At $1,808, ETH breached the First Major Support Level (S1). But ETH completed the session at $1,805 after finding support at the Second Major Support Level (S2) at $1,796.

News on the US Debt Ceiling and Staking Statistics Provided Support

Staking inflows decreased from 135,776 ETH on Saturday to 93,952 ETH on Sunday, according to CryptoQuant. Despite the reduction, stake inflows were still higher than they had been during the previous weekend.

The net staking balance excess helped the overall value to keep rising.

Bearish was the withdrawal profile. Principal withdrawals increased to above-average levels last night. The forecasts for withdrawals in the early session, however, were more optimistic, with primary ETH withdrawals anticipated to decline to below-average levels this morning.

The session would become negative if primary withdrawals suddenly increased and stake inflows continued to decline. The net ETH staking balance decreased to 145,530 ETH, or $263.90 million, on Sunday from a surplus of 153,640 ETH on Saturday. There were 3,020 ETH in withdrawals compared to 148,550 ETH in deposits.

TokenUnlocks reports that the entire amount of pending withdrawals was 53,580 ETH, or around $159.67 million. Notably, the staking APR was 8.98%, up 0.79% from the previous day.