đ#Ethereumsurged 16.2% on August 8 but struggled to stay above $2,600 on August 9. Still, ETH has room to grow thanks to a favorable macroeconomic backdrop and strong activity on the Ethereum network.
đĄ Some investors believe that outflows from spot ETFs are holding back ETHâs performance. However, this could change as inflows from Grayscaleâs ETHE slow. ETHE still holds $5 billion in ETH, so risks remain.
đ Traditional investors are increasingly confident that the Fed will cut rates in 2024, helping the risk market grow. Boston Fed President Susan Collins said the economy is growing steadily and inflation is falling.
đ„ Ethereum network data supports the bullish momentum, with DApp activity up 55% in the past 7 days. Uniswap, 1inch Network, and CoW Swap are the top DApps.
đ Ethereum TVL hits its highest level since November 2022 at 19.7 million ETH, up 9.4% month-on-month. Meanwhile, BNB Chain TVL remains stable at 8.7 million BNB.
⥠Activity on Ethereum's layer-2 solutions hit a record high of 318 transactions per second, driven by the growth of Xai, Base, and Proof of Play.
đŹ Do you think ETH can surpass $3,000 in the near future? Share your thoughts below! đ
#Crypto#Blockchain#Finance#ETH#DeFi#Layer2
