- MetaMask provides an early bull market for ETH holders, especially those looking to stake the coin.
- ETH experiences a resurgence of selling pressure as it approaches key resistance ranges.
ethereum [ETH] According to the January 13th announcement, MetaMask staking will function as a new Ethereum staking program, giving owners additional incentives to keep their funds on MetaMask.
You can now stake ETH on Lido or Rocket Pool through the Portfolio Dapp 🎉
— Metamask 🦊💙 (@MetaMask) January 13, 2023
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Prior to this announcement, ETH holders had to move their funds to another wallet when staking, as MetaMask did not directly support staking.However, with this new announcement, Rocket Pool or Lido DAO [LDO].
The announcement came at an ideal time as the crypto market was showing signs of recovery at press time. As such, investors are more likely to hold his ETH with a long-term view. Notably, the total value of DeFi-locked Ethereum has increased from $38.6 billion on Jan. 2 to his $43.46 billion on Jan. 13.
Staking ETH is a great way to earn passive income as the market recovers. But can Ethereum really sustain its current rally?No one knows yet whether the current rally is the start of the next bull market or just another relief his rally. Nevertheless, ETH is currently approaching major resistance levels within the $1640-$1660 price range.
ETH Bull exhausted?
There are a few things to note. ETH has climbed to 1591 over the past 24 hours, approaching the resistance range. It has since experienced a slight rally, indicating that selling pressure is materializing.
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Also worth noting is the fact that Ethereum’s native token was heavily overbought at the time of writing. Selling pressure is more likely to emerge within the overbought zone. Perhaps currency flows could help gauge the level of incoming selling pressure.The latest data revealed a sharp decline in currency outflows.
The above observations suggest that the amount of ETH flowing out of exchanges is slowing down, a reasonable outcome as the market is currently in overbought territory.This result may set the price of considerable retracement If the price fails to recover to the next resistance range.