Ethereum Faces Resistance at $1,840: Will It Break or Continue to Decline?

Ethereum, one of the leading cryptocurrencies, faces resistance as it moves lower from the $1,880 level. This article explores the latest price action of Ethereum (ETH) against the US dollar (USD) and examines the potential scenarios that could unfold in the near future.

Timeline of Ethereum

Ethereum (ETH) holders are on a downward movement while the total number of staked ETH in the ETH 2.0 contract constantly rising since the Shanghai/Shapella upgrade earlier this year in March.

After the long-anticipated upgrade that has allowed validators to withdraw their staked tokens, the Ethereum (ETH) network has recently surpassed a major milestone in deposit contract balance thanks to the soaring interest in staking.

Vitalik Buterin, the renowned creator of Ethereum, recently expressed his concerns regarding the increasing trend of restaking and its potential impact on the Ethereum blockchain. In a blog post on his website, Buterin highlighted the importance of maintaining the integrity of Ethereum's validators and cautioned against the misuse of their influence.

Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin has introduced a “real-time strategic game” called Slasha to his followers. What Happened: Buterin on Tuesday called it a "totally random fun thing" and encouraged his followers to have a go at it.

In a recent episode of Laura Shin's Unchained podcast, Dan Berkovitz, former commissioner of the United States Commodities Futures Trading Commission (CFTC), stirred up a debate by suggesting that Ethereum's native cryptocurrency, Ether (ETH), could potentially be classified as both a commodity and a security.

As per Berkovitz anything encompassed by a “futures contract” can be classified as a commodity. He pointed out that commodities do not exclusively consist of physical items like “wheat” or “oats.

Ethereum co-founder Vitalik Buterin's recent blog post has raised concerns about the potential risks associated with expanding the scope of social consensus within the Ethereum network. In his post, Buterin highlights the importance of maintaining a clear distinction between reusing validators and overloading social consensus for ostensibly external purposes.

RockX, a firm focused on supportin institutional-grade staking solutions throughout Asia, is broadening its staking product suite with the addition of a new ETH native staking solution.

As of 23 May, Lido Finance protocol managed to process 98% withdrawal requests in a week. This was achieved thanks to Lido's protocol buffer that enables faster withdrawals for stakers on the network.

Ethereum's Shapella upgrade has come and gone, leaving a trail of shifting dynamics in its wake. With over 2.83 million staked ETH withdrawn and Ethereum's balance on centralized exchanges at a five-year low, the market's reaction is fascinating.