Technical Analysis:
ETHEREUM is trading near 1H and 4H Bearish OB, We might see selling from these areas and we can look for confirmations on 5-15min tf, breaker block with the sweep of highs can we can enter for sells in ethereum.
Fundamentals:
While Ethereum hasn’t been quite consistent with its bullish trajectory in the past weeks, its circulating supply has done the opposite. According to data from Ultrasoundmoney, ETH’s circulating supply has skyrocketed to over 120.72 million ETH as of today.
Although this increase in supply is not straightforwardly negative for ETH, it still marks a notable shift in the network’s dynamics, fuelled largely by adopting Ethereum’s proof-of-stake (PoS) model.
The surge in Ethereum’s total supply to 120.72 million ETH, as shown in the data from Ultrasound.money, reflects the network’s increasing activity over the past month.
In this period alone, Ethereum saw the issuance of 77,102 ETH, while 19,402 ETH were removed from circulation through a burning mechanism introduced in the network’s recent London Hard Fork.
The net increase of approximately 57,653 ETH highlights a gentle uptick in the annual supply growth rate from 0.58% to 0.69% over the last 7 days.
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