After gaining good momentum in July, Ethereum (ETH) saw a rise to the $1,700 band. It is seen that the upward momentum triggered by the “Merge” update, which is expected to take place in September, has been replaced by some profit sales in August.

It was noted that investors, who bought at the bottom levels after the sharp declines in June, started to transfer their Ether assets to the stock market as of last week. The data showed that the amount of Ethereum (ETH) transferred to exchanges last week reached $ 2.9 billion. This is seen as the main reason why Ethereum (ETH) price faced resistance in the $1,700 band and corrected to the $1,500 band.

Coinbase Prime launches Ethereum staking service to US institutional investor

Institutional customers of cryptocurrency exchange Coinbase Prime will now be able to stake Ethereum on the platform with funds secured in the firm's cold storage vault.

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In a blog post published by Coinbase, it was stated:

   “Customers can create a wallet, decide how much to stake, and start staking from the Ethereum assets page in their Coinbase Prime account.”

“Securing customer funds is our highest priority,” the blog post said. It was stated in the statement that all withdrawal keys are held in the firm's cold storage land and must complete the reconciliation before staking can take place. With this statement, it means that this transaction must be added to a Blockchain network before it can be considered valid. Finally, right now Ethereum is moving from a proof-of-work to a proof-of-stake blockchain system. This means that both verification processes are running at the same time. Stakes for cryptocurrencies such as Solana, Polkadot, Cosmos, Tezos, and Celo via Coinbase Prime.

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After the Ethereum network transitions to a proof-of-stake consensus mechanism, validators staking Ether will play a leading role in keeping the network working and secure. These validators will replace the current miners and accordingly there may be an increase in staking rewards. Coinbase had predicted that the return on stake could reach 12% annually after the Ethereum network switched to proof-of-stake this year. Currently, Ethereum staking returns average 4% annually.