Ethereum (ETH) Slumps Over 20%, Is $1150 The Next Low?

Ethereum(ETH), the number two crypto asset, is facing a fall in fortunes since the start of 2022. Most of the investors who have ordained faith in ETH and invested are in great pain.

Ethereum is down by 60% over YTD

Data shared by Will Sheehan, the founder of Parsec Finance, reveals that a minuscule 17% of the stakes are in profit but a huge majority of stakers have ended in the red. As per data, a very large of investors had put their interests in Ethereum at a time when the price range of the token was fluctuating between $2,500 to $3,500. A sizeable number of investors have staked on ETH over the $3.5 k price level. Meanwhile, a big spike can also be seen around the price range of $500.

ETH prices have tanked by 60% YTD and at press time the number two cryptocurrency was trading at $1,056, at the press time. It is still 78% down from its all-time high of $4,891.

As the bearish sentiments continue the loss accrued by the Ethereum traders is going to increase. ETH prices have tanked below the $1K level also.

Lido Owns 32% of stETH

Over a period of time investors are losing faith in Ethereum and as of today, 11% of its total supply is being staked. Lido accounts for around 32% of the total staked ETH. Coinbase and Kraken hold 14% and 9% respectively. The remaining 32% staked Ethereum is held by 29 different validators on the Lido payroll.

Lido Staked ETH (stETH) is changing hands at a price of $1,013. Earlier it was deppeged from the ETH’s value and holds a total market cap of around $3.53 billion