Following weeks of bearish sentiment, the Ethereum price has pushed to highs of $1,215 today after a mid-week rally. This recent price action comes as Bitcoin also gains more ground and reclaims support at $16,000 before inching closer to $17,000.The second-largest cryptocurrency appears to have tapped into a fresh bullish momentum that could propel it to $2,000 in the coming weeks, if not days.The Ethereum Foundation has announced an update about the status of staked ETH tokens following the transition to the proof-of-stake (PoS) consensus algorithm.
According to the team, the process of enabling withdrawals on the Beacon Chain is underway.Some investors have been concerned about rumors online that the Ethereum Foundation deliberately wanted to push back the timeline for the withdrawal of staked ETH.Stakers are likely jittery following many undesirable events in the market, which affected investors in FTX, BlockFi and Genesis.
However, developers say they are working with timelines agreed upon earlier – where withdrawals were to be enabled during the upcoming “Shanghai” upgrade.Ethereum's price has experienced a 10% rally from its most recent bottom as crypto markets generally rebounded.
From support at $1,080, ETH traded at a weekly high of $1,215. The pioneer smart contracts token now teeters at $1,201 while considering an 18.71% breakout to $1,406.This recovery completed the formation of a double-bottom pattern, opening the door to a much-anticipated rally.Read more on cryptonews.com