๐คฏ๐คฏ๐คฏ6,400 Ethereum Mystery Move Sparks ETH Rally Talk Pre-ETF Nod
๐ Ethereum Supply Tightens Up
As investors freeze their Ethereum assets instead of selling, the Ethereum ecosystem faces a supply shortage. Earlier this month, an unknown market player moved 6,400 ETH to the Beacon Chain depositor wallet, suggesting long-term optimism and a significant reduction in available ETH for trading.
๐ Rising Staking Activity
Glassnode data shows an increase in Ethereum 2.0 fresh deposits, with more users staking at least 32 ETH to participate in the rewards system. This trend indicates a strong community belief in the future of Ethereum, potentially impacting its price dynamics.
๐น Bullish Momentum Surge Ahead
Santiment reports that Ethereum's exchange outflow is greater than its inflow, reducing sell-side pressure. Combined with the rise in locked-up coins, this dynamic could lead to an ETH price surge. Predictions suggest Ethereum could surpass Bitcoin in the fourth quarter of 2024, with the Bulls and Bears indicator showing bullish dominance for Ether.
๐ Market Predictions
Market expert Benjamin Cowen believes Ethereum could reach $3,300 in the next few weeks or months and possibly hit $3,500 if buying demand surpasses selling pressure.