Ethereum's On-Chain Data and Upgrades Drive Price Surge and Staking Activity.

Over 1.4 million ETH, worth around $3 billion, is expected to be withdrawn from Ethereum staking contracts over the next few days following the activation of the Shanghai and Capella upgrade. Withdrawals will be rate-limited to 1,800 validators per day, potentially causing selling pressure on the market. However, a significant portion of withdrawals from the US-based crypto exchange Kraken may move to decentralized liquid staking platforms instead of being sold. The ETH/USD pair looks bullish, with short-term support at around $1,725 and resistance at $2,300 and $2,900.