Increased Ethereum Network Usage Could Push ETH Price to $3000
đ” Ether Spot ETF Outflows: Some investors believe that outflows from Ether spot ETFs are holding back #ETHâs performance. However, this may change as Grayscaleâs ETHE instrumentâs revenue slows. ETHE recorded its lowest outflow on August 8, suggesting stability.
đ Macroeconomic Factors: Traditional financial investors are bullish on the possibility of a Fed rate cut in 2024, which could boost risk-on markets like crypto.
đ Ethereum Network Growth: Despite macroeconomic shifts, Ethereum network activity has surged, especially in decentralized applications (DApps). Total value locked (TVL) on Ethereum hits highest level since November 2022.
đ Layer-2 Solutions: Ethereumâs layer-2 solutions such as Base, Arbitrum, and Optimism are experiencing record activity, processing more transactions than the base chain.
đ Price Outlook: With increased network activity and deposits, ETH has the potential to reclaim $3,000, absent major external shocks.
đ Source: https://t.me/cryptoanalysisvn/1/1955
