Ethereum Staking Queue Hits 3 Million ETH as Price Lags Behind

The Ethereum staking queue has reached a significant milestone of nearly 3 million ETH, indicating robust long-term investor participation despite the cryptocurrency's price showing persistent weakness. The staking demand continues to climb, with over 2% rebound in the past 24 hours, but overall market pressure remains evident.

According to data shared by Ethereum Daily, the validator exit queue has dropped close to zero, while a growing number of new validators wish to join the network, resulting in a backlog. The waiting amount to participate has climbed to approximately 3 million ETH, pushing the estimated onboarding wait time for new validators to 50 days.

Ethereum's price remains below $1,700 and is currently trading under both the 50-day and 100-day exponential moving averages, suggesting persistent downward pressure in the broader trend. Coinglass data reveals sizeable leveraged positions on both sides of the current price range, with nearly $767 million in long positions facing liquidation if Ethereum falls below $1,590.

Institutional participation has also added a new dynamic to the market, with Bitmine reportedly acquiring 125,000 ETH. Chairman Tom Lee described the recent price drop as only superficial and suggested that the period of aggressive buying may be approaching its end.