Ethereum surged 16.2% on August 8 and struggled to stay above the $2,600 level on August 9. However, it faced more than expected resistance around $2,700. Despite this, Ether has generally maintained a positive outlook amid increasing activity on the Ethereum network and support from layer-2 solutions.
Some investors have suggested that withdrawals from spot Ether ETFs could be causing performance to lag. However, Grayscaleâs ETHE may be bucking the trend, with its lowest outflows ever of $20 million on Aug. 8, according to data from Farside Investors. Grayscale still holds $5 billion worth of Ether, so the stability in outflows could ease demand pressure on Etherâs price.
In terms of traditional finance, investors are increasing their expectations that the US Federal Reserve will cut interest rates throughout 2024. This is reinforced by the observation by Boston Fed President Susan Collins that inflation is approaching the Fedâs 2% target. This could boost risk markets by reducing the appeal of fixed-income investment instruments and increase the appeal of cryptocurrencies.
The Ethereum network has seen significant activity in the past week, with a 55% increase in distributed application (DApp) activity. Leading platforms such as Uniswap, 1inch Network, and CoW Swap have contributed to Ethereumâs continued leadership and growth as a distributed exchange (DEX). Further highlighting Ethereumâs expansion, the total value locked (TVL) reached 19.7 million ETH, a 9.4% increase from the previous month.
While critics argue that Ethereumâs average transaction costs of $3.85 are holding back adoption, this ignores the impact of layer-2 scaling options like Base, Arbitrum, and Optimism. According to L2Beat, layer-2 activity on August 7 averaged around 318 transactions per second, greatly reducing transaction costs and increasing transaction throughput.
As the network continues to expand, especially with layer-2 scaling solutions, Ethereum is expected to reach the $3,000 target if investor sentiment remains the same.
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So who can benefit?
Our friends who have not yet activated the futures section, when you activate your FUTURES transaction section, you will earn $10 when you open it by entering my 88623008 reference code.
I EXPLAIN IN DETAILED.
My brothers and sisters who have become Binance members without a reference, please listen carefully;
When you do what I say in order, you will receive 10 USDT.
Go to the Futures Section from your application,
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My brothers and sisters who want to complete this transaction and receive the 10 USDT reward until MAY 1 can do so. Afterwards, after activating your account, it is enough to open your first futures transaction.
The first 1,000 brothers who open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
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WHEN WILL THE REWARD COME?
Your $10 reward will come to the REWARDS section of your Binance application within 30 days from May 1. By activating it from there, you can use your $10 reward, or more than 300 lira, in futures transactions.
You can share this post with your friends in need so that they can also benefit from it.
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