Staked Ethereum hits 36M ATH, but it’s not bullish yet – Here’s why!

Layer-1 competitors has by no means been this intense.

However not like previous rallies, which had been principally “hype-driven”, the place any little L1 information may spark a short-term spike, this cycle feels totally different. Now, the battle is going on on the core: What attracts actual capital.

Naturally, Ethereum [ETH] is correct within the combine. On-chain, issues look strong: Staking simply hit an all-time excessive with round 36 million ETH locked (about 30% of complete provide), and the validator queue is sitting at 2.4 million ETH.

Supply: ValidatorQueue

Briefly, long-term confidence within the community appears to be rising.

Supporting that, roughly 140k ETH have moved off exchanges, bringing Ethereum’s trade reserves all the way down to 16.44 million. Put all of it collectively, and it’s pointing to a possible provide shock quietly constructing beneath.

The affect is exhibiting up in value motion, with ETH up 7%. However zoom out, Ethereum isn’t the one chain hitting information, which raises a key query: May a pullback in ETH.D undermine the affect of all that staking?

Ethereum staking hits ATH, however dominance may very well be examined

Ethereum’s current staking milestone isn’t sending a transparent bullish sign but.

Taking a look at different L1s, many are breaking new information. For instance, the worth of tokenized RWA on Solana [SOL] has surpassed $1 billion for the primary time, hitting an all-time excessive, and reinforcing long-term capital flows.

In the meantime, Monero [XMR] reached $800 per coin for the primary time, posting a 28% weekly rally and pushing its market cap to $15 billion. Notably, all that is occurring whereas Ethereum dominance is exhibiting a unstable setup.

Supply: TradingView (ETH.D)

From a charting perspective, ETH.D is now nearing a key resistance. 

Because the chart above reveals, the index has been chopping sideways for over eight weeks between 12%–13%. A breakout above 13% can be important as Ethereum hasn’t examined that stage since late Q3 2025.

Nevertheless, rising L1 competition is an element. 

ETH’s staking report alone doesn’t give it a transparent edge, particularly as rivals are seeing comparable exercise. In truth, Solana is even main 2026 to date with a 16% acquire, making ETH.D the important thing metric to look at for Ethereum’s breakout.

Remaining Ideas

• With 36 million ETH locked and long-term confidence rising, falling trade reserves maintain a possible provide shock in play.
• Solana’s sturdy begin to 2026 and sideways ETH.D motion spotlight that Ethereum’s staking milestone alone doesn’t assure a breakout.