Ethereum Staking Queue Nears All-Time High Ahead Of Mainnet Merge

Ethereum is well on its way to the Merge as more milestones are met. The move to proof of stake will no doubt be a game-changer for the blockchain. So As the day for the merge draws closer, users of the network have been upping their activity in recent times. One of the places where Ethereum has recorded an uptick has been the staking queue which is now nearing its previous all-time high. Ethereum Staking Queue Crosses 300,000 The Ethereum staking queue is a good indicator of how users of the network are looking at it. When this is low, investors may be more way and not want to stake their coins on the network. However, when this number begins to go up, it signals a number of things for Ethereum, among them, being that users are looking more positively at it. Related Reading | TA: Bitcoin Holds Uptrend Support, What Could Trigger Sharp Decline This queue has been going up in recent times and as of 17th March, has almost reached its previous high. It had previously touched a new high above 330K in June of 2021 when the bull rally had been in full bloom. But the subsequent market downtrend had seen this number come down with it going into the bear trend. Only to begin another recovery in August of the same year. ETH price recovers above $3,900 | Source: ETHUSD on TradingView.com As for 2022, the number had been steadily growing but hadn’t seen any significant boost. This boost came about two weeks into March when the n...