Ethereum (ETH) The volatility in the price of Ethereum created an uncertainty in the altcoin markets, especially Ethereum. Despite all this volatility, analysts are predicting a rally in ETH price.
12 million ETH tokens are now staked on the Ethereum consensus layer. An increase in the staked ETH supply is a development that will reduce the circulating supply. A decrease in circulating supply means an increase in the bullish story for the altcoin price.
Ethereum priceAfter the volatility in Ethereum, Ethereum is trying to erase the losses it recorded. According to data from Glassnode, the exchange netflow volume stands at 6,244 ETH. This is fueling the bullish sentiment of investors.
@venturefounder, a crypto analyst and trader, shared a comment on the ETH net exchange flow:
“ETH net currency flow has been going great for the last 1.5 years. The $2,800 and $3,000 bottom must be the kind that everyone likes.”
the $ETH exchange net flow for the past 1.5 years is just beautiful.
$2.8k-$3k seems to be the bottom that everybody likes. pic.twitter.com/SaQ8AdZ3Aq
— venturefoundΞr (@venturefounder) April 29, 2022
Fans continue to believe that investors are bullish on Ethereum due to the much anticipated merger. The consensus tier deposit contract has recently surpassed 12 million ETH tokens, which accounts for more than 10% of the circulating ETH supply.
The $34 billion token in Ethereum has now been withdrawn from its circulating supply, with more than 376,000 validators contributing transactions worth 32 ETH or more. Analysts believe that ETH price can overcome the 55-day SMA, which is an important level to confirm the uptrend.
According to analysts, $3,018 seems to be a critical hurdle for bulls trying to recover. Analysts have identified a downside target of $2,695 if ETH price dips below $2,800.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.