Ethereum bulls face exhaustion as ETH retraces gains
validators are reportedly considering increasing the validator limit from 32 ETH to 2,048 ETH. The proposal has received criticism because it will make it more difficult for the new validators to jump on board. Meanwhile, whales are still offloading their ETH. Addresses holding at least 1000 ETH have been contributing to sell pressure in the last 5 days.
On-chain volume also tapered out after previously starting off by gaining momentum in the last 7 days. This confirms that ETH ran out of the previously observed bullish momentum, despite the prevailing bullish sentiment.Will ETH maintain the current momentum? Well, its current performance is consistent with the above on-chain data. ETH exchanged hands at $1,729 and has notably been struggling to push above the $1,750 range.
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