#BinanceAlphaAlert Ethereum Price Forecast: ETH could see new all-time high in 2025 as blobs top burn leaderboard

Ethereum blobs has ranked number one on the ETH burn leaderboard in the past seven days.

Blob space could flip the script and reinforce Ethereum's ultrasound money narrative.

ETH's next trend could be determined by a move outside the $3,250 and $3,550 range.

Ethereum (ETH) is down 1% on Tuesday following a weeklong consolidation of the general crypto market. The top altcoin could be set for a bullish 2025 if blobs continue their recent trend of burning high amounts of ETH.

Ethereum blobs top ETH burn leaderboard

Ethereum burn leaderboard reveals that blob fees have burnt over 500 ETH in the past week — the highest, above Uniswap and ETH transfers. This emerging trend is somewhat opposite to the path ETH followed for most of 2024.

The introduction of blobspace on Ethereum blocks via the Dencun upgrade in March significantly scaled Layer 2s and reduced their transaction fees.

However, the fee reduction offset the burn mechanism, which was responsible for keeping ETH deflationary, with its supply rising by over 400K ETH between April and December.

The ETH burn mechanism was introduced in the London hardfork in August 2021 to keep ETH's supply from growing by permanently removing a portion of transaction fees from circulation.

However, with Layer 2 networks seeing increased volumes recently, the average blob count per block has often exceeded the target of 3.0, causing them to enter price discovery.

As a result, L2s pay transaction fees for the extra usage, increasing the amount of ETH burnt daily.

If Ethereum network activity heats up as the holidays near its end and blobs maintain their ETH burn trend, it could lead to a quick flip of the negative sentiment surrounding blobs and, by extension, ETH. Such a change could reinforce the ETH "ultrasound money" narrative and boost its appeal to investors.

Meanwhile, Ethereum exchange-traded funds (ETFs) ended their four-day inflow streak after recording net outflows of $55.4 million on Monday.