ETH price has risen by 17% since last 3 months while seeing some consolidation over the past 1 month
Some key developments for Ethereum that are:
- ETH staking percentage skyrockets, reaching an all-time highs at 17% of supply
- The total value locked (TVL) of staked ETH surpassed 22.3 Mn, an all time high
- ETH exchange balance hits a 5 year low at 17.86 Mn ETH, showing willingness among investors to continue holding
- ETH has turned deflationary since Merge upgrade, indicating more supply are burned than issued causing more demand among users
Analyst take
Despite the ongoing volatility in the market , several positive indicators suggest a growing trend in the Ethereum ecosystem that may hint at a potential upcoming rally in the near term.
Note: This is not an investment advice and we highly recommend that you do your own research
Source: CryptoQuant Ultrasound
