Ethereum Burning Reaches New High, Is ETH Warming Up For Another Rally?
03 Février 2023 - 07:30PM
NEWSBTC
While the global cryptocurrency market continues with its
ubiquitous movement, Ethereum seems to be sneaking out to break a
new record. The latest achievement Ethereum obtained is setting a
new high in its burning-per-day mechanism. Per a recent report from
WuBlockchain citing data from oklink, Ethereum’s burning amount
exceeded 3,000 ETH at a figure of 3,040 ETH on February 2. This new
record sets the crypto asset burning rate highest point ever seen
since November 10, 2022. According to the reporter, the primary
source where the burning was aggressive was two popular
decentralized exchanges, Uniswap and OpenSea. Over the past
months, both platforms have recorded significant usage and trading
volumes which correlate with the increased burning of ETH tokens.
Data from CoinGecko shows Uniswap trading volume has moved from
$558 million seen at the beginning of this year to $1.1 billion as
of February 3, up by more than 50% over the last 25 days.
Related Reading: Total Ethereum (ETH) Staked On Lido Finance
Reaches New Milestone Is ETH Warming Up For Another Rally With an
upcoming catalyst like the Shanghai upgrade coming soon to the
Ethereum network, ETH could be in a warm-up stage before another
rally. Following the demand for ETH surging, the crypto asset greed
index has also made some significant movements in the past weeks
ranging above 60 in recent days. The increase in the greed
index signifies a massive level of FOMO and anticipation amongst
ETH investors waiting for the right moment to buy and result in
another rally. Data aside, so far, the Ethereum price chart has
only indicated two possible scenarios, which are to either retrace
a little bit more or proceed with another bullish trend.
Looking at the 1-day time frame of the ETH/USDT price chart, we can
see ETH recently tapped into external liquidity — a move that
signifies a possible retracement to take out the liquidity of the
buyers below. A retracement confirmation could mean ETH returns to
the $1,300-$1,350 region. Meanwhile, should ETH invalidate the
possible retracement and tap into the $1,684 zone declining a
retrace, we could see another upward rally as the crypto asset
appears to be consolidating at the moment, waiting for a
significant movement (expansion) either to the upside or
downside. Related Reading: Bitcoin and Ethereum Whale
Activities Plummet – Are Whales Getting Bored? Ethereum Continues
Recording New Highs Notably, the burning rate hasn’t been the only
new high Ethereum recurred in the past weeks. Last month, NewsBTC
reported the total staked ETH on the Beacon chain reached an
all-time high of over 16.16 million ETH. The figure cumulates to
more than 13.28% of the total Ether supply and represents $26.13
billion at current prices Out of the 16 million ETH staked, about
11.408 million ETH have been staked via staking services providers
such as Lido, Coinbase, and Kraken, among others – representing
70.86% of the total staked on the Beacon chain. Lido dominates ETH
staking with 29.3%, Coinbase controls 12.8%, while Kraken holds
7.6%, and Binance controls 6.3% of the total stake, according to
Glassnode on-chain data. Additionally, Ethereum total validators
recently surpassed the 500,000 benchmarks and currently sit at
512,432 as of February 3, according to data from BeaconScan.
Featured image from Shutterstock, chart from TradingView
Uniswap (COIN:UNIUSD)
Graphique Historique de l'Action
De Nov 2023 à Déc 2023
Uniswap (COIN:UNIUSD)
Graphique Historique de l'Action
De Déc 2022 à Déc 2023