Ethereum staking has topped 39 million ETH as of May 2026 — roughly a third of all circulating ether. But the numbers are starting to flatten. This month, staking volume showed a slight decline, the first real sign that some participants are pulling out. Meanwhile, ETH price is stuck around $2,250, well below its peaks and unable to punch through a stubborn resistance zone.
The staking plateau
Total ether locked in staking contracts now sits at about 39 million ETH, a milestone that reflects the network's transition to proof-of-stake. But growth has stalled. May data point to a modest net outflow — not a panic, but enough to break the months-long accumulation trend. The flatlining suggests that the incentives to stake, especially at current yield levels, may no longer outweigh the opportunity cost for some holders.
Price action and technicals
Ether is consolidating near $2,250, far from the highs traders remember. It's above its 100-day moving average but below the 200-day moving average — that 200-day line is acting as a hard ceiling. Every time price climbs toward $2,300–$2,400, buying pressure fades. Lower momentum highs near that resistance tell the same story: the rally is running out of steam.
Trading volumes have dropped off notably during this sideways grind. That's a classic sign of indecision — neither bulls nor bears have enough conviction to push the market. The price briefly dipped below $1,800 back in February before recovering, but the recovery hasn't had the follow-through to reclaim lost ground.
What to watch next
The next few weeks will show whether the staking outflows accelerate or stabilize. If more ETH leaves deposit contracts, that added supply could pressure price further. On the technical side, a close above the 200-day moving average would change the narrative — but so far, sellers keep showing up at that level. Until volume picks up and resistance breaks, the market remains stuck in a waiting game.
