Ethereum Prepares for Uptrend As 29% Of ETH Supply Is Staked; Dogecoin Forms Double-Bottom Pattern

According to data from Lido Finance, Ethereum has achieved a new milestone as 29% of its supply is now locked. This milestone comes after the Ethereum price surged past $3,000 on July 13. Also, there has been a large wave of Ethereum accumulation by institutional investors.

In the meantime, Dogecoin is forming a traditional double-bottom formation on the daily chart. This trend is a suggestion of a bearish control over a bullish momentum. Trader Tardigrade predicts that the value of the memecoin could skyrocket to $0.47.

Ethereum’s Staking Surge Signals Reduced Sell Pressure

According to data, approximately 29% of the entire ETH supply is staked. This strengthens the belief of investors in the long-term potential of Ethereum and minimizes the sell-side pressure.

Adding to the bullish case, Ethereum’s supply on exchanges has plunged in the past 5 months. It dipped from a peak of 1.57 million to 584k, signaling huge hodling activity. Furthermore, ETH spot ETFs recorded inflows of over $900 million last week, the best since its launch.

Analyst CryptoGoos believes that the approval of an Ethereum staking ETF could be a game-changer. He believes that Ethereum may shoot to $6,000 when the staking ETF is approved. 

On the same note, trader Alex Clay observes that the Ethereum price chart is at the moment breaking a major resistance range of between $2,900 and $3,100. He argues that the $4,000 mark is “closer than you think,” hinting at a near-term rally.

Ash Crypto also reiterated a similar bullish prediction, saying that the price action of Ethereum is bullish. According to him, history is repeating itself and ETH is set to reach $4,000 in Q3.

These are congruent forecasts by the best analysts, which indicate that Ethereum is increasingly optimistic about its performance in the near future. At the moment, the value of Ethereum has increased by 2.5% on the 24H timeframe. It is trading above the $3000 mark and the technical indicators are showing that it may climb higher.

Dogecoin’s Double-Bottom Sets the Stage for Breakout

After a long period of compressed trading, Dogecoin has shown bullish movement in the past few weeks. The memecoin’s price soared to $0.21 in July before selling pressure caused a pullback to the $0.19 level.

In the meantime, Dogecoin has surpassed the $0.20 key resistance on July 13 after several attempts. The technical indicators are now leaning towards an upward movement. The RSI stands at 63 which is bullish.

Additionally, the MACD histogram has turned positive. While the $0.20–$0.21 zone presents short-term resistance, a sustained increase in trading volume could pave the way for further gains.

Trader Tardigrade says that Dogecoin is creating a textbook double-bottom pattern and this may result in a huge rally. For confirmation, DOGE needs to pierce the neckline resistance at approximately $0.25. If cleared, the analyst suggests a rally toward $0.47.

Another expert, Vegeta, believes the Dogecoin price could rally to $0.31 after a correction to $0.18. However, CW notes that the memecoin has a sell way around $0.24-0.26 and $0.28. Breaking past these levels is important for a major upside.

Closing Take: Bullish Momentum Builds for ETH and DOGE

The increasing staking activity, the declining exchange supply, and the inflow of ETF have provided a solid basis of bullish momentum. Leading analysts expect the price to reach $4,000 to $6,000. 

Also,  Dogecoin is expected to see a significant uptick. Analysts say the memecoin could rally to $0.31 or $0.47. Provided that the two assets break above the key resistance levels, they may spearhead the next stage of the crypto bull run.