The Supply of Ethereum Shrinks: What It Means for You ๐
If youโre involved in the world of cryptocurrency, you might be interested to know that the supply of Ethereum is currently dwindling. This reduction in supply is leading to some significant price trends and on-chain metrics that could impact your investment decisions. Letโs take a closer look at whatโs happening with Ethereum and how it could affect you as a crypto enthusiast.
The Decline in Ethereum Supply and Price Trends ๐
โ The latest DenCun update of Ethereum was implemented on March 13th
โ The previous major update significantly impacted the total availability of ether
โ The total amount of ether dropped to the lowest level recorded since August 2022
โ Data provided by CryptoQuant and reported by CNBC
โ The rate of decrease in the supply of ether is currently the fastest since May 2023
โ In the recent 30 days, the supply of ether has decreased at an annual rate of 0.872%
โ Data from ultrasound.money
โ Over 1.56 million ether have been burned by The Merge
โ Less than 1.12 million ether have been issued
โ A decrease of over 446,000 ether, equivalent to almost $1.62 billion at current prices
Activity Record and On-chain Transparency ๐
โ Seven-day moving average of transactions on Ethereum approaching its annual peak recorded in January
โ 1.26 million transactions recorded just yesterday
โ Total daily transactions are at record levels, not seen since May 2023
โ Increase in network fees, burned fees, and a reduction in the total supply of ether
โ Number of active addresses on Ethereum at its highest since the beginning of the year and for the past 12 months
โ Approximately 540,000 active addresses registered just yesterday
โ Number of new addresses on the Ethereum network also at its highest since the beginning of the year and for the past 12 months
โ More than 120,000 new Ethereum addresses
โ On-chain volume of Ethereum has reached new highs since the beginning of the year and for the past 12 months
โ Over $7 billion in volume recorded just yesterday
Bearish Correction for Ethereum: Potential Recovery Towards $4,000? ๐๐
โ Price correction lower below $3,650, attempting a decent recovery wave in the short term
โ Correction crossed levels of $3,800 and $3,700 following Bitcoin
โ Dropped below key support at $3,650, entering a temporary bearish phase
โ Price exceeded critical threshold of $3,500, touching a minimum of $3,414 before showing signs of recovery
โ Ether has recovered above $3,500 and Fibonacci retracement of 23.6% from high to low
โ Price below $3,700 and 100-hour simple moving average with immediate resistance around $3,650 and clear downtrend line at $3,660
Hot Take: Stay Informed for Your Next Move ๐
The price activity of Ethereum is reducing the supply of the crypto to the lowest levels recorded since August 2022. Furthermore, the decline in ether supply has marked its fastest decrease since May 2023.
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