Ethereum (ETH) The price is trying to recover after the increase in ETH tokens invested in the staking contract. About 2 million ETH has been burned so far, and the bullish sentiment of investors increased after this news.
Ethereum price bullish prospects, ETH 2.0 It increased even more after the total Ethereum volume invested in the staking contract exceeded 10 million. The strong growth in volume also promises a certain amount of ETH in continued staking rewards for investors.
According to data from IntoTheBlock, over 65,910 unique Ethereum addresses contributed to ETH staking, which accounts for 8.4% of the altcoin’s circulating supply.
Interestingly, around 2 million ETH tokens have been burned since the London hard fork. Altcoin supply is shrinking even more with the decrease and burning in the number of ETH in circulation. Based on past examples, this could lead to a rise in the altcoin price.
The Ethereum community has also managed to record a reduction in transaction fees on the Ethereum network. The transfer cost has slumped to 2021 lows on the altcoin’s blockchain. Low transaction costs can attract users and increase demand for altcoins among investors.
Analysts evaluating the Ethereum price trend shared that they predict a bullish boom. The analyst, known by the pseudonym DaCryptoGeneral, is based on the direction of the breakout of the symmetrical triangle. Ethereum price believes that the trend can be either uptrend or downtrend.
An upside break could push Ethereum price towards $5,500, while the downside target is located at $1,700.
$ETH (1D) price might be bullish or bearish depending on the breakout direction of symmetrical triangle.
If it breaks to upside my target would be $5500 & if it breaks down the downtrend will continue and would target $1700#Ethereum pic.twitter.com/GgAJpfBC43
— 🟨 CRYPTO GENERAL 🚀 (@DaCryptoGeneral) March 10, 2022
According to Ran NeuNer, founder of Crypto Banter, Ethereum could experience a new price rally from the daily descending resistance trend line from November 2021.
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.