Ethereum has begun a new drop after having risen beyond $2,700 before.
Over 65,910 distinct Ethereum addresses contributed to the ETH staked.
The price of Ethereum is struggling to recover from the increasing number of ETH tokens invested in the staking contract. So far, about 2 million Ethereum tokens have been burnt, which has led to a favourable prognosis for investors.
After the ETH2 staking contract received more than 10 million Ethereum deposits, the price of Ethereum is expected to rise. If volume continues to rise at its current rate, investors will get a fixed amount of Ethereum in staking rewards every day. Over 65,910 distinct Ethereum addresses contributed to the ETH staked, totaling 8.4% of the circulating supply, according to statistics from the crypto analytics portal IntoTheBlock.
Since the London hard fork, over 2 million ETH tokens have been destroyed. Therefore, as the quantity of ETH in circulation declines and the burn occurs, the supply of the currency will be reduced. In the past, this has led to an increase in the altcoin price.
Ethereum’s supporters have seen a decrease in transaction costs. The altcoin’s blockchain has seen its transfer fees fall to levels last seen in 2021. The upcoming ETH2.0 update will transform things further bringing more advancements and even less gas cost.
Price Rebounds Off Critical Support Level
Ethereum has begun a new drop after having risen beyond $2,700 before. ETH traded below the $2,650 and $2,600 support levels to enter into the negative territory. Close below $2,600, and the 100-hour simple moving average also occurred. The price of Ether has fallen to a low of $2,525 and is attempting to recover. The $2,585 level was an immediate barrier to the upswing. Fib retracement level of the latest slide from $2,775 swing high to $2,525 low is in the neighborhood of this level. Notably, the price has rebounded from the support level of $2,525 as seen in the chart below.