I view Ethereum’s price stalling near $2,050, even as staking surpasses 30% of total supply, as a classic divergence where on-chain conviction is strengthening while short-term price action remains subdued due to broader market caution and ETH/BTC’s persistent downtrend.

This dynamic reflects strong long-term holder commitment and tighter circulating supply, both of which are fundamentally constructive for Ethereum’s role across DeFi and broader on-chain finance.

Heading into Lunar New Year week, when volumes typically thin out, I expect Bitcoin to consolidate in the mid-$60,000 to low-$70,000 range with limited downside risk.

Ethereum may experience muted volatility as well, but there is room for a modest rebound if liquidity conditions stabilize or ETF flows show renewed strength.

Key macro drivers such as U.S. rate expectations and institutional capital flows will likely determine post-holiday momentum.

If sentiment improves, Ethereum’s current setup could reinforce the view that it is trading below its structural value, supporting healthier market development as capital gradually rotates back into utility-driven assets.

Ryan Lee, Chief Analyst at Bitget

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