The great excitement created by CBOE in the Ethereum market caused concerns along with the comments of analysts. According to analysts, as the effect of the great excitement around spot Ethereum exchange-traded funds (ETFs) fades, a price decline may occur if the increase in Ethereum's supply continues.
Cryptocurrency investor and founder of Into The Cryptoverse, Benjamin Cowen, made important statements in a post on July 19. Cowen stated 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. Referring to the past, the analyst cited the Merge event in September 2022, which is similar to Ethereum's transition to the proof-of-stake consensus model. It is predicted that after the merger, Ethereum will become deflationary and its supply will decrease to 455,000 ETH by April 2024. Since April, Ethereum supply has increased by approximately 150,000 ETH. Cowen stated that if this rate of increase continues, the price may fall and return to previous levels. He stated that if the ETH supply continues to increase by 60,000 ETH per month, the supply may return to its pre-merger level.
The general opinion about the future of Ethereum's price is that its current price will increase in the next 1.5 years. However, 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.
In a post he made on July 16, Waidmann announced that the amount of Ethereum on exchanges decreased to 10.2% and 39.3% of ETH was locked in smart contracts. This draws attention to the fact that the supply in Ethereum indicates low levels and a potential supply crisis may occur.
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