Ethereum Price Targets $3,300 Amid These Major Developments

Key Insights:

• Ethereum price traded near $3,300, soaring past the upper Bollinger Band near $3,270.
• The altcoin’s price action remained well above the 20-day EMA at around $3,158.
• The validator exit queue dropped back toward zero for the first time since July last year, indicating easing selling pressure.

At the time of writing, Ethereum price traded close to $3,280 after testing the upper Bollinger Band near $3,270. Importantly, the price remained well above the 20-day EMA at around $3,158.

Ethereum Price Action & Recent Developments

Zooming into the ETH price charts, the altcoin maintained a healthy distance from the 50-day and 100-day EMAs, which currently sit lower at roughly $3,087 and $3,046.

At the same time, activity behind the scenes strengthened the case. For context, the staking data showed Ethereum’s validator exit queue had dropped close to zero for the first time since July.

This shift reflects rising staking demand. Experts point to strong accumulation from BitMine as a key driver.

Moreover, Grayscale confirmed on a Monday statement that it would distribute staking rewards through its Ethereum Staking ETF.

This marks a milestone for ETH. It is the first US-listed spot crypto exchange-traded product to schedule a payout directly linked to on-chain staking activity.

Holders of the Grayscale Ethereum Trust ETF will each receive about $0.08 per share. The payout is planned for Tuesday and will be based on investor holdings recorded at the market close on Monday.

Technically, the EMA lines are still trending higher. Overall, the ETH price setup suggests steady strength, not a market that is overheating.

Ethereum Validator Behavior Fuels ETH Rally Optimism

On-chain data suggests that the Ethereum network is showing a clear shift in validator behavior. The validator exit queue dropped back toward zero for the first time since July last year, a move that could ease selling pressure across the market.

The exit queue fell to 32 Ethereum (ETH) before re-adjusting to approximately 200 at the time of writing.

At current levels, the wait time is about one minute. That is a big drop from mid-September. Back then, more than 2.67 million ETH were waiting to exit the network.

According to industry watchers, the Ethereum staking exit queue is now almost empty. Asymetrix chief technology officer and ETHKyiv founder Rostyk noted that very few validators are lining up to leave.

In his view, there is little appetite to sell staked Ether at current levels, which has reduced selling pressure on the largest altcoin.

In essence, this trend is also reflected in exchange data. Tevis, founder of the AlphaLedger trading app, pointed out that ETH balances held on exchanges have fallen to their lowest level in nearly a decade.

He explained that selling pressure is fading fast, while the validator entry queue is growing much faster than the exit queue.

He added that this surge is being driven largely by BitMine and exchange-traded funds that are staking Ethereum to earn yield.

Unstaking is often read as a sign that holders want liquidity, either to sell, chase better returns, or adjust their portfolios. Staking tells a different story. Validators who lock up their Ethereum are showing confidence that they are invested for the long run and are not preparing to sell.