Gensler's Imminent Exit Has Enhanced Investor Confidence in Ethereum's Long-Term Prospects, ETH Price Forecast: $4,000 Rally in Play if $3,280 Support Holds

The chart above shows the total staked value on the Ethereum network stood at 34.1 million ETH as of November 23. That figure has now surged to 34.3 million ETH

Investors staked an additional 74,308 ETH, valued at approximately $250 million at current prices, over the last 3-days.

This marks a significant increase from the 34.1 million ETH that was staked on the network as of November 23.

The recent Ethereum staking inflows are occurring as markets consolidate following a bearish market response to MicroStrategy’s Bitcoin purchase announcement on Monday.

Despite the bearish pressure, Ethereum’s price has found support at $3,300, largely helped by the thinning out of the short-term market sell-side supply as a result of the recent stakings.

At press time, Ethereum price is showing some strength above $3,300, a key short-term support level, and notably above the 3,280 crucial support line.

This suggests that short-term buyers are still in the green and are not rushing to sell.

If this key support continues to hold, it could serve as the launchpad for the next leg up.

Moreover, the RSI (Relative Strength Index) has declined from the overbought territory but still trades above 40, indicating that bears are yet to take full control of the price.

If the ETH RSI trends toward 50 or lower as the price stabilizes above $3,280, it could hint at a possible recovery.