Ethereum (ETH) is caught between the latest ETH validator queues, the overall market sentiment shift, and technical setups that could quickly evolve into new trends. As of July 24th, ETH had traded around $3,545, pulling back from its near its recent high of $4,040.
Santimento shows local top
According to Santiment, Ethereum’s price ratio and Bitcoin have dropped by 5.8% over the past 60 hours. This misperformance comes from a FOMO-led surge in trading volume, similar to what we saw in early May, when we were historically at the top of the locals.
Santiment adds that if both trading and social volume are cooled for the rest of the week, it can set the stage for a second bullish wave driven by an impatience from the profitable spirit of retail investors.
Is the $1.9 billion staking exit a bearish signal for ETH?
At the protocol level, over 520,000 ETHs (over $1.9 billion) are queued, leaving the Ethereum staking system, marking the highest exit volume in over a year. However, this is not a departure due to panic.
There’s a big deal going on with Ethereum staking.
Ethereum Balidator exit queues have reached their highest level in over a year. This is lined up with over 520,000 ETHs, which are now priced at over $1.9 billion, and are lined up until the holidays.
This queue takes ~19 days to complete.
Thread: pic.twitter.com/aheqfye5sh
– everstake.eth (💙,💛) (@eth_everstake) July 23, 2025
Everstake emphasizes that this is more like a structural change than a red flag. Validators are more likely to optimize operations, rotate staking strategies, or simply lock profits.
This is a result of record demand for Spot ETH ETFs, with 3.57 billion influx in July from institutions such as BlackRock and Fidelity.
Everstake claims that this high-exit queue is not a bear measure, but rather reflects the maturity of Ethereum’s staking ecosystem.
Related: Arthur Hayes bets on technology in punk and “internet status” to trade this cycle of eth
ETH Price Analysis: Bullish Momentum Colds
With RSI above 70 levels, ETH is clearly over-acquired. Historically, this indicates a potential cooldown. The MACD line is still above the signal line, and the histogram bar indicates that it weakens bullish momentum.
Source: TradingView
Also, Price was recently tagged with an upper bollinger band that was nearly $4,039, and has since returned to the mid-$3,600. This is the classic average return signal. Support will probably sit around a midband that is close to $3,174, and if that fails, the lower band, close to $2,308, will be your next target.
Related: For the first time in two years, more money is trading Ethereum than Bitcoin
On the other hand, negative BOP during uptrends shows strong accumulation of A/D lines, further enhancing the probability of cooling.
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