Ethereum's total value locked (TVL) ETH 2.0 deposit contracts reached an all time high as of 19 May. However, ETH's price action wasn't at its best and still managed to stay under the spell of the bears.
, by Woominkyu, a rise in the Deposit Contracts could act in favor of ETH’s price in the near future. As per the analyst, the rise in the deposit contract symbolized the ongoing participation of validators preparing for Ethereum 2.0.press time price trajectory didn’t favor the bulls or the bears. Although ETH was exchanging hands in the green, its Relative Strength Index stood at 44.73 at the time of writing.
Additionally, although the Awesome Oscillator flashed green below the zero line, the Moving Average Convergence Divergence moved otherwise. The MACD indicator still showed the signal line moving above the MACD line . This was an indicator that the bears still managed to gain control of the market.
However, considering the placement of both the signal and MACD line, a reversal in trend could occur in the presence of some buying pressure.Data from the intelligence platform Santiment also didn’t exactly paint a positive picture for the king of altcoins. At press time, development activity on theFurthermore, the weighted sentiment also stood at -1.418 and witnessed a drastic drop on 15 May and moved sideways since then.
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