Ether fell around 7% after being rejected near $3,400 but continues to trade above a key support zone.
Market data suggests ETH could stage a sustained recovery if support around $3,100 remains intact.
Staking demand for Ether has surged, with the entry queue exceeding 2.6 million ETH worth about $8.3 billion.
The current 44-day staking wait time marks the highest level of queued Ether since July 2023.
Validator data shows nearly 30% of the total ETH supply is now staked, totalling roughly 36.1 million ETH.
“Ether’s entry queue is at the highest level in 2.5 years,”
Ted Pillows said.
“Insane demand for staking ETH,”
Ted Pillows said.
The validator exit queue has dropped to zero, signalling reduced selling pressure across the network.
“It is a bullish signal when people choose to stake ETH instead of selling,”
Langerius said.
Leon Waidmann noted that the last time the exit queue cleared, ETH later rallied to new highs.
Institutional demand for Ether is also recovering through renewed exchange-traded fund inflows.