Ethereum staking queue hits 3 million ETH as price lags

Staking demand continues to climb

Over the past 24 hours, ETH has rebounded by around 2%, having recently tested local lows near $1,524. Despite this mild recovery, Ethereum has lost more than 21% throughout June, and overall market pressure remains evident. Nevertheless, staking data indicates that long-term investor participation has not noticeably weakened.

With the validator exit queue nearly at zero, staked ETH can be withdrawn within minutes if desired. Conversely, a growing number of new validators wish to join the network, resulting in a backlog. The waiting amount to participate has climbed to approximately 3 million ETH, pushing the estimated onboarding wait time for new validators to 50 days.

Mini glossary: A validator in the Ethereum network confirms transactions and participates in block production. Staking involves locking a set amount of ETH to support the network’s security, rewarding participants in return.

According to an assessment shared by Ethereum Daily, while the validator exit queue is virtually zero, around 3 million ETH has piled up in the staking entry queue. This snapshot shows that there is little desire to leave the network.

The report emphasized that when combining low exit activity with rising staking demand, ETH holders appear to retain confidence. Despite recent volatility, many investors remain willing to lock up their assets in staking.

Institutional participation has also added a new dynamic to the market. Recently, Bitmine reportedly acquired 125,000 ETH, significantly boosting its Ethereum treasury. Chairman Tom Lee described the recent price drop as only superficial and suggested that the period of aggressive buying may be approaching its end.

Key price levels under watch

Ethereum’s price remains below $1,700 and is currently trading under both the 50-day and 100-day exponential moving averages. This technical setup suggests persistent downward pressure in the broader trend.

Coinglass data reveals sizeable leveraged positions on both sides of the current price range. Should Ethereum fall below $1,590, nearly $767 million in long positions could face liquidation. On the flip side, a move above $1,756 would put some $701 million in short positions under pressure.

Analysts are keenly observing the $1,600 support region. If daily closes fail to hold above this level, lower targets near $1,365 could become relevant for ETH.

Developers prepare upcoming network upgrades

Beyond price movements, Ethereum developers are working on the Glamsterdam upgrade, targeted for the third quarter of 2026. This hard fork aims to improve scalability, optimize transaction routing, and reduce network data costs.

Additionally, discussions continue regarding the proposal-phase Hegota update. One major focus is EIP 8182, which centers on enabling native privacy-focused ETH transfers. Meanwhile, co-founder Vitalik Buterin recently introduced the CROPS framework, emphasizing censorship resistance, privacy, and security.