• The Ethereum Foundation has begun its solo staking initiative, with plans to deploy 70,000 ETH across a new set of validators.
• The supply of staked ETH has reached a record figure of 37.1 million.
• ETH could bounce if the $1,740 support is defended.

The Ethereum Foundation (EF) has launched its solo staking initiative after deploying 2,016 ETH across a new set of validators. The Foundation noted that it will stake about 70,000 ETH, with all staking rewards going to its treasury to support operations and research.

"We are excited to take this important step, which helps secure the Ethereum network and at the same time fund the EF's core operations & activities, including protocol R&D, ecosystem development, community grant funding and more," the EF wrote in a blog post on Monday.

The initiative aligns with the EF's treasury policy, released last year, which outlined key strategies to generate yield and reduce the need for direct ETH sales to fund operations. Last year, the EF deployed over 47,000 ETH across various DeFi lending protocols.

The announcement comes as the ETH validator entry queue, which regulates the flow of new staking entries on Ethereum, has climbed to 3.6 million ETH. At the same time, the total supply of staked ETH has reached a record 37.1 million ETH.

Meanwhile, the EF announced a new dedicated DeFi coordination team on Monday that will help builders and use cases on Ethereum, "that is currently 'the DeFi of tomorrow' to progressively make its way to becoming part of 'the DeFi of today.'"

Ethereum Price Forecast: ETH eyes $1,740 support as bearish pressure persists

Ethereum experienced $108.6 million in liquidations over the past 24 hours, led by $92.3 million in long liquidations, according to Coinglass data.

In the weekly chart, ETH/USDT trades at $1,856. The near-term bias is bearish as price holds below the declining 20-week Exponential Moving Average (EMA) near $2,800 and extends the sequence of lower weekly highs.

Momentum conditions back the downside pressure, with the Relative Strength Index (RSI) sliding toward 30 and remaining below its 50 midline, while the Stochastic (Stoch) stays depressed in single digits, signaling persistent selling interest rather than a completed oversold washout.

On the downside, initial support is seen at $1,741, with a break exposing the next floor at $1,524 and then $1,404 if selling accelerates. On the topside, $2,107 is the first resistance, followed by $2,388 and then $2,746, where clustered prior horizontal levels converge ahead of the 20-week EMA and define the area that bulls would need to reclaim to challenge the broader bearish structure.

A bounce off the $1,741 support could push the top altcoin to retest $2,107.

(The technical analysis of this story was written with the help of an AI tool.)