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Ethereum price dropped to a low of $2,100 this week before rallying again, adding 25% from its August 2024 lows. While there is confidence that prices will continue to expand, breaking $2,800 and even the psychological $3,000 figure, other market-related events could slow the upside.
Ethereum Network Opens Over 143,000 ETH
According to Token Unlocks DataThere are hundreds of thousands of ETH waiting in line for withdrawal today. On-chain data reveals that miners are preparing to withdraw 143,000 ETH, worth around $350 million. Another batch of 212,000 ETH will be available for trading in the coming days, which could further pressure the price.
As of August 9, the circulating supply of Ethereum is over 120 million, according to CoinMarketCap. DataSince Dencun, the network has become inflationary, meaning no more coins are burned as before.
Verifiers are required to stake at least 32 ETH and ensure that their nodes maintain a high uptime of nearly 100%. At the same time, according to the network consensus rules, verifiers are not allowed to engage in prohibited activities such as appointing to approve invalid transactions.
Failure may result in a staking, where a portion of their stake is taken as a penalty. However, since they must commit to keeping the network decentralized, they receive a portion of Annual return on betAt the same time, they get the opportunity to approve a set of transactions, and receive rewards as a result.
The expected return from staking activities on ETH is expected to be the expected return from staking activities. This opening is different from the block rewards distributed approximately every 13 seconds.
Although the market is expecting a sharp increase in supply, Token Unlocks analysts point out that these withdrawals will not necessarily mean that these coins will be liquidated. However, if they are sold, the recovery is likely to be slow.
Will the bulls take control of the market and force prices above $3000?
There is reason to be concerned. Historically, Token Unlocks analysts have noted that prices tend to slow down whenever the Ethereum network unlocks such a large number of tokens in a short period of time. In the past three months, unlocks of between 150,000 and 220,000 ETH have coincided with price declines.
Looking at the daily chart, Ethereum is recovering. Although the downtrend continues after the unexpected drop to $2,100 earlier this week, the rebound has been decent.
The instant filter line is about $2600. If buyers continue to press, it will confirm gains. to August 8, ETH prices may rise, causing a plunge on The expected floodand retest $3000.
Featured image from Canva, chart from TradingView
