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LDO price faces downside risks from "sell-the-news" sentiment coupled with a bearish technical setup. Lido DAO (LDO) has declined by more than 40% in the last 30 days with more room to fall in the coming days amid a potential sell- the-news event, i.e. the Merge. Lido DAO Ether deposits surge 160% in 2022 Lido DAO is Ethereum's biggest staking service, having deposited over 4.14 million of the blockchain's native asset, Ether (ETH), into the Ethereum 2.0 smart contract on behalf of its users, according to the latest data . ETH 2.0 total value staked by provider. Source: Glassnode In comparison, Lido DAO's total staked amount was around 1.6 million ETH at the beginning of this year. The boom reflects a growing demand for Lido DAO services ahead of Ethereum's scheduled transition from proof-of-work to proof-of-stake via the Merge on Sep. 15. LDO, a governance token in the Lido DAO ecosystem, has also undergone an unprecedented price rally in recent months, up m...

The decline in exchange supply, especially just weeks before the Shanghai upgrade, is being seen as a bullish sign. Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a constant decline in the exchange supply over the past six months post-Merge. Ethereum network went under a major network upgrade in September last year, moving from a proof-of-work (PoW) to a proof-of-stake (PoS) network and the event was called the Merge. According to on-chain data shared by the crypto analytic group Santiment, the amount of available ETH sitting on exchange s continues to fall. Since the Merge, there is 37% fewer ETH on exchange s. A constant decline in supply on exchange s is considered a bullish sign as there is less ETH available to trade or sell. There were a total of 19.12 million ETH worth $31.3 billion on exchange s in September before the Merge. The number has now declined to 13.36 million ETH worth $19.7 billion in the second week of February. Ethereum supply...