ETH Nears Key Resistance as Ethereum Foundation Approaches Staking Goal

The Swiss-based non-profit organization established over a decade ago to support and develop the broader Ethereum blockchain ecosystem continues to stake ETH tokens and has neared its overall 70,000 target.

At the same time, analysts have weighed in on the underlying asset’s recent performance, outlining the next key levels it has to overcome to reignite another run.

EF Stakes More ETH

On-chain data reveals that the Ethereum Foundation has now staked roughly 69,500 ETH (valued at over $140 million as of current prices) in less than two months. The organization has previously stated that it plans to use the tokens to fuel research, development, and ecosystem growth through yield.

The latest batch of 45,034 ETH was staked on Friday by depositing the units in blocks of 2,047 ETH to the Eth2 Beacon Chain deposit contract. According to data from Arkham, the EF holds over 102,000 ETH (worth around $210 million), while its total treasury, spread across 14 addresses, is valued at approximately $270 million.

ETF Investors Continue to Pull Out

In contrast, investors getting ETH exposure through the spot Ethereum ETFs in the US continue to mostly withdraw funds. The financial vehicles were on an eight-day withdrawal-only streak, during which investors pulled out approximately $440 million, before finally ending it on March 30 with a minor net inflow of $5 million.

Another green day followed on March 31 with $31.17 million, but $7.1 million and $71.17 million ended the business week on Wednesday and Thursday (April 3 was Good Friday in the US). As such, the week was again in the red, with over $42 million leaving the funds.

ETH Price Update

Popular analyst Ted Pillows noted that ETH has been trading sideways for a few months now and added that it has to decisively break above the $2,100-$2,150 resistance for a bigger upside move. The asset went toward $2,400 a few weeks back, but was quickly rejected and has stalled below those levels ever since.

In contrast, he warned that if it loses the coveted $2,000 support, a “huge long liquidation wipeout will happen.”

Crypto Tony also acknowledged ETH’s sluggishness in the current range, but said he expects “wicks this weekend,” hopefully to the upside.

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