Ethereum (ETH) recently regained the $3,200 level, and its on-chain staking data also released strong signals. The latest data shows that over the past six months, the number of ETH entering the staking queue has significantly exceeded those exiting the queue for the first time, which is regarded by the market as an important bullish indicator for ETH price movement.
Currently, about 1.32 million ETH are queued for staking, with an average waiting time of approximately 23 days; meanwhile, only about 3,000 ETH are waiting to exit staking, with withdrawal times of less than an hour. This indicates that ETH in the Ethereum network is continuously in a “net locked” state, rather than being unlocked and flowing into the market, which helps alleviate potential selling pressure.
Several analysts pointed out that a significant increase in staking entering the queue usually occurs during periods when investors highly recognize the long-term value of Ethereum. Research by Bull Theory suggests that rising exit queues are often associated with market panic or passive deleveraging, while the current “more entering, less exiting” structure has historically appeared before strong upward cycles in ETH.
Meanwhile, the activity on the Ethereum network continues to rebound. On-chain daily transaction volume is steadily increasing, indicating that users and funds are not withdrawing but increasing their usage intensity. The rising network utilization also drives up ETH burn volume, which, under the deflationary mechanism, further tightens supply and demand.
Institutional funds are seen as a key driver of this round of staking growth. Over the past two weeks, publicly listed company BitMine has staked approximately $2.58 billion worth of ETH, signaling a clear long-term holding intention. Such large-scale, long-term locking behaviors are changing the circulating structure of ETH.
From a price structure perspective, ETH has broken through a three-month-long downtrend. Analysts generally believe that once the price returns to the $3,500 to $3,600 range, it could trigger a new wave of trend-driven upward movement. Data shows that ETH has risen about 11% in the past two weeks, significantly outperforming Bitcoin (BTC), which has increased by 6% during the same period.
Looking ahead, potential catalysts are still accumulating, including the approval expectations for BlackRock’s Ethereum staking ETF and the regulatory clarity brought by the U.S. Market Structure Bill (also known as the Clarity Act). Against the backdrop of limited supply, rising demand, and policy expectations, Ethereum’s price performance in 2026 is being increasingly reevaluated by investors.
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