The great excitement created by CBOE in the Ethereum market caused concerns along with the comments of analysts. As the excitement around spot Ethereum exchange-traded funds (ETFs) fades, it is stated that there may be a price drop if the increase in Ethereum supply continues.

Cryptocurrency investor and founder of Into The Cryptoverse, Benjamin Cowen, made important statements in his post on July 19. Cowen suggested that since April, Ethereum supply has increased by approximately 60,000 ETH per month, and if this increase continues, by December the supply could return to its level at the time of the merger. The analyst stated that there is a period similar to September 2022 when Ethereum transitions to the proof-of-stake consensus model. He predicts that after the merger, Ethereum will become deflationary and its supply will decrease to 455,000 ETH by April 2024.

Cowen stated that the Ethereum supply has increased by approximately 150,000 ETH since April, and if this increasing trend continues, the price may decrease and return to previous levels. He emphasized that if the ETH supply continues to increase by 60,000 ETH per month, the supply could return to its pre-merger level.

Although the general opinion about the future of Ethereum's price is that its current price will increase in the next 1.5 years, it is predicted that there may be a decrease in the next 3-6 months. In the last 24 hours, ETH increased by 2.33% and traded at $3,503. Onchain analyst Leon Waidmann stated that Ethereum may experience a potential supply crisis.

User inferences from the analysis are as follows:

  • If the Ethereum supply continues to increase since April, there is a possibility of a price drop.

  • If the supply returns to its level at the time of the merger, it could negatively impact the ETH price.

  • The risk of Ethereum experiencing a potential supply crisis is an important factor for investors.

Waidmann announced that the amount of Ethereum in exchanges decreased to 10.2% and 39.3% of ETH was locked in smart contracts. This situation points to a low supply and draws attention to a potential supply crisis.

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