Ethereum Analysis
Ethereum's current price is around $2,047, with a market capitalization of $250.33 billion. The cryptocurrency has seen a 0.48% increase in the last 24 hours and a 7.83% rise over the past week
*Technical Analysis:*
- Ethereum's daily burn rate has dropped to 25,000 ETH annually, causing supply growth to rise to 0.76%
- The cryptocurrency's price is approaching the daily time frame resistance area, with a potential breakout above $2,237
- Some analysts predict a bullish setup, targeting significant upside levels, including $2,230, $2,525, and $2,830
*Market Sentiment:*
- Ethereum holders are moving their tokens off exchanges at a record rate, with less than 9 million ETH remaining on trading platforms.
- The cryptocurrency's community is optimistic about the upcoming Pectra upgrade, which could increase buying pressure.
Keep in mind that cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. Always do your own research and consider multiple sources before making any investment decisions .
