• Ethereum’s Total Value Locked (TVL) in ETH 2.0 Deposit Contracts reached an all time high as of 19 May.
• Despite this, ETH’s price action was still under the spell of the bears.
• Analysts suggest that a rise in deposit contracts could act in favor of ETH’s price in the near future.
Ethereum’s TVL Reaches All Time High
Ethereum’s total value locked (TVL) in ETH 2.0 Deposit Contracts reached an all-time high as of 19 May. This suggests ongoing participation of validators preparing for Ethereum 2.0 launch despite ETH’s current trading at 8.66% lower than it was a month ago, at $1,813 per coin.
Future Price Predictions
Analysts have suggested that the rise in deposit contracts could play a role in boosting ETH’s price in the near future, though its press time price trajectory did not favor either bulls or bears significantly yet. The Relative Strength Index (RSI) was still neutral at 44.73 and although Awesome Oscillator flashed green below zero line, Moving Average Convergence Divergence (MACD) showed signal line moving above MACD line which indicates bearish pressure over the market currently.
CryptoQuant Analysis
According to Woominkyu’s recent CryptoQuant analysis, rising deposit contracts may help give Ethereum’s price a much needed boost soon as these signify increasing participation from validators preparing for Ethereum 2.0 launch around the corner.
Santiment Analysis
Data from Santiment intelligence platform also didn’t exactly paint a positive picture for ETH’s immediate prospects with lack of buying pressure evident on most indicators such as RSI and MACD which were both seen tilting toward bearish side currently despite AO flashing green below zero line indicating presence of some bullish momentum still left over from yesterday’s session but not enough to turn tide against bears yet .
Conclusion
In conclusion, while Ethereum traders may have to sit tight this weekend due to lack of clear direction from technical charts yet, rising TVL and analysts‘ predictions suggest that there is potential for some upwards movement soon if demand increases significantly or other factors such as news events affect market sentiment positively going forward into next week when more clarity should be available regarding future trajectory of ETH prices going forward .