Ethereum Price Prediction: ETH validators queue surges to an 18-month high, profit pullback may dip to $3470

Ethereum (ETH) price is experiencing a pullback, reporting at $3,647 during the Asian early trading session today (24th). Previously, the number of validators surged to a record high of 633,000 ETH in the past 18 months. The rising number of validators along with the price fall reflects signs of profit-taking after a sustained rising trend.

Ethereum ETF continuous inflow leads to a surge in validators queue

The attempt to exit the Ethereum validators' staking token queue has reached its highest level since January 2024. According to the Validator Queue data, the queue has been on an upward trend since July 16, soaring to 633,000 ETH on Tuesday, with an average waiting time of 11 days.

After rising 160% in the past three months, ETH briefly rose to the level of $3,800, followed by a surge in selling volume, indicating that investors may be taking profits due to the strong upward trend.

At the same time, the number of tokens in the entry queue remains at a high level, hovering around 365,000 ETH, indicating that more and more validators intend to join the network. This is partly due to Ethereum asset management firms, which are continuously increasing their holdings of ETH, primarily for staking. Over the past two months, the ETH holdings of publicly listed companies, including SharpLink Gaming (SBET), BitMine (BMNR), Bit Digital (BTBT), and BTCS, have increased to over 840,000 ETH.

At the same time, according to data from SoSoValue, the U.S. spot Ethereum exchange-traded fund (ETF) achieved net inflows for the 13th consecutive day on Tuesday, attracting $533.87 million, with a cumulative inflow of $8.32 billion.

People's continued interest in ETH comes at a time when there are positive developments in cryptocurrency market regulation, including President Trump signing the GENIUS Act and the House passing a clear framework for cryptocurrency market structure last week.

Ethereum Price Prediction: ETH Falls Before $3,800 Resistance Level

Coinglass data shows that in the past 24 hours, the futures liquidation amount for Ethereum was 155.95 million USD, with long liquidations amounting to 129.64 million USD and short liquidations totaling 26.31 million USD.

After failing to break through the resistance level near 3,800 USD, ETH may be testing the support level of 3,470 USD. If ETH falls below 3,470 USD, it could drop towards 3,220 USD, a level supported by the 20-day exponential moving average (EMA).

Before this fall, the Relative Strength Index (RSI) broke below the yellow moving average line, indicating a weakening of recent upward momentum. This move is supported by the stochastic oscillator (Stoch) retreating from the overbought zone, which is consistent with pullbacks that often occur after sustained strength. A break below neutral levels for both RSI and Stoch may accelerate bearish momentum.

On the positive side, ETH must pull back and hold the support level of $3,800 to maintain its bullish trend.

(Source: Trading View)