Ethereum (ETH), the global runner-up in the cryptocurrency ring, is making serious moves this week, stepping closer to the coveted $3,000 mark. Could this be the opening bell for a February knockout, sending it soaring towards a staggering $4,000 finish by month’s end? Related Reading: Stacks (STX) Stuns: Price Soars Over 60% In Epic Recovery As TVL Explodes Ethereum Staking And ETF Surge: Bullish Momentum Several factors are fueling this bullish sentiment, starting with the surging popularity of ETH staking. As Ethereum 2.0 gathers momentum, more investors are locking their ETH into staking contracts, earning passive income while reducing the readily available supply in the market. This “induced market scarcity,” as experts call it, creates upward pressure on the price. Ethereum price up today. Source: Coingecko The numbers are impressive: a whopping 25% of all circulating ETH, or 30.2 million coins, are now locked in staking contracts. This represents a significant surge of 600,000 ETH deposited between February 1st and 15th. And with an annualized reward rate of 4%, the incentive to join the staking party is only growing stronger. Source: BeaconChain But st ..
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