CHAPELLA UPGRADE INCREASED CONFIDENCE IN ETHEREUM
The ETH unstaking track suggests ETH stakers are only unstaking their staking reward and they may even be staking the staking rewards. There has not been much selling pressure stakers and traders as a lot of people had anticipated. Not only that, the Ethereum latest upgrade had increased confidence in Ethereum from both retail investors and institutional investors also. This factor may likely be the reason why we see the current rally. ETH faces a similar hurdle as BTC in the short or medium term based on the Bolliger Band indicator and we do not know sure if it can't get the key price point of $2,400.
This will have to do with what occurs when centralized exchanges and staking protocols begin allowing their users to withdraw their staked ETH and their ETH reward. I think a lot of people staking their ETH with the centralized exchange are not as hardcore as Ethereum validators. In other words, the ETH staked on centralized exchanges is more prone to selling and of course, Kraken alone is expected to unstake over one billion worth of ETH because it has been facing some regulatory scrutiny. The interesting thing is that only a small amount can be unstaked each Epoch which of course will decrease the selling pressure by the stakers. Coinbase exchange and LIDO finance announced that it will take some weeks to process all staked withdrawals on their platform.
https://twitter.com/Opopa13938978/status/1648104378925035522?s=20