Over 860,000 ETH, worth $3.7 Bln, wait in the staking queue, reducing supply for trading.
Ethereum price is holding stronger than many coins during the latest crypto market dip. At press time, Ethereum traded near $4,350, down about 2% on the day.
Bitcoin and other coins dropped harder, but the ETH price has stayed firmer. A big reason may be a single ICO-era whale. After eight years of silence, this old wallet just moved again, and instead of selling, it staked its coins. That has to be one of the most high-conviction moves of the month.
The wallet had been quiet since 2017, the time of Ethereum’s first coin offering. It suddenly sent 150,000 ETH into staking.
At the current Ethereum price, that is worth around $645 million. Instead of cashing out for profit, the whale locked these coins inside the staking system. It still holds another 105,000 ETH across two wallets.
This is important because it shows trust. Old whales could easily sell when Ethereum price is high, but this one did not.
By staking coins, the whale removed a huge supply from the market. With fewer coins available to sell, big drops become harder. Less selling pressure means dips stay smaller and recover faster.
So far, ETH has fallen less than Bitcoin during this market pullback. The whale’s choice to stake instead of sell may help explain this strength. But that’s not the only isolated incident.
This whale’s move fits with a bigger pattern in Ethereum. Right now, more than 860,000 ETH, worth about $3.7 billion, is waiting in line to be staked.
This line is called the staking queue. When people want to become validators, they must place coins in the line and wait.
A validator is a computer that runs Ethereum’s software. Validators keep the network safe by checking blocks and transactions. To become one, you must lock up 32 ETH or join a group that pools coins. While coins are locked or waiting in the line, they cannot be traded or sold.
This matters for Ethereum price. When fewer coins are available on exchanges, sellers have less power to push prices lower. Buyers may even find it harder to get coins if demand rises again.
Traders sometimes call this a “supply shock.” In simple words, it means demand stays the same or rises, but supply is cut. That usually helps the price hold steady or move up.
The long staking line also shows that many holders prefer to earn rewards rather than take profit. If more people follow this path, Ethereum’s supply for trading could shrink even further.
It is worth noting that at present, almost 29% of all ETH available is staked. And the ICO-era whale just added to the stash.
Ethereum price was trading at $4,350 at press time. On the way up, the first important level to pass is $4,421. Above that, $4,565 is the next hurdle, followed by $4,760.
If ETH can rise over $4,760, then the next big target is $5,099. This number comes from a Fibonacci chart, which traders use to mark possible future points.
On the downside, ETH has support at $4,211. If that breaks, the next strong support is $3,951.
These supports act like floors that can slow or stop drops. So far, ETH has held firmer than Bitcoin, matching what we see on-chain with whales and staking.
The picture is clear. An ICO-era whale just chose to stake coins instead of selling. The staking line is full, showing billions more ETH are waiting to lock.
And Ethereum price levels still leave the $5,000 target on the table. If these trends continue, September could bring strength instead of another deep correction.
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