A spike in ETH deposits may signal either impending selling pressure or increased borrowing to fuel long positions.
A spike in deposits may signal either impending selling pressure or increased borrowing to fuel long positions, suggesting volatility is on the horizon.
ETH/USDT is currently positioned within an ascending triangle, and a breakout from this pattern could push the price higher. The next key target for ETH is $2800, which could be surpassed if the bullish momentum continues. Since the Merge, which transitioned Ethereum to Proof-of-Stake, over 135,000 ETH have been burned, reducing supply. This burn mechanism has continued to enhance its deflationary aspect.
The combination of Ethereum’s supply reduction and increasing network usage is likely to drive ETH prices higher in the future.Ethereum’s dominance as the leading smart contract platform remains unchallenged. Since its inception in 2015, Ethereum has been the foundation for innovation in the DeFi and NFT sectors.
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