Ethereum

Bitcoin

April

Time

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-price-hits-3000-for-first-time-since-april-2022/" data-wpel-link="internal">Ethereum Price Hits $3000 for First Time Since April 2022</a><br></p>
<p style="text-align: justify"><strong>Ethereum (ETH)</strong> price followed a volatile path, reaching $3000 for the first time since April 2022, before retreating to $2900 to accumulate more liquidity. The performance of the second-largest cryptocurrency is said to be driven by various catalysts, including the Denison upgrade, which gives it an edge over <a href="https://coin-turk.com/milyar-dolarlari-yoneten-yatirimcidan-yeni-kripto-para-stratejisi-bu-taktik-olmaz" data-wpel-link="internal">Bitcoin</a>, and the prospect of spot ETFs.</p> 
<h2 id="eth-supply-on-the-decline">ETH Supply on the Decline</h2> 
<p style="text-align: justify">ETH gained 6% in value last week, surpassing its $53,000 liquidity counterpart as previously discussed. This could be a level it needs to maintain to keep the uptrend strong. The leading cryptocurrency fell below $51,000 on Wednesday, potentially paving the way for a stronger recovery targeting levels between $58,000 and $60,000 before the halving. According to Greg Magadini, Director of Derivatives at Amberdata, since the merge, the <strong>ETH</strong> supply has increased by 1,047,643. However, 1,407,200 ETH have been burned or removed from circulation, resulting in a net decrease of 359,557 in ETH supply.</p> 
<p style="text-align: justify">In contrast, <a href="https://en.coin-turk.com/analyst-predicts-major-surge-for-altcoins-and-chainlink-competitor/" data-wpel-link="internal">Bitcoin</a> saw a 1.7% increase in its supply during the same period, indicating that Ethereum’s supply mechanism, which eliminates a portion of transaction fees paid to validators, has made it a deflationary token. Moreover, over a quarter of <strong>Ethereum’s</strong> supply, approximately 30.1 million ETH, is now locked in staking contracts, earning rewards in exchange for securing the network.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-317895" src="https://coin-turk.com/wp-content/uploads/2024/02/eth-3.png" alt="" width="2048" height="1098"></p> 
<h2 id="ethereum-s-analytical-reports">Ethereum’s Analytical Reports</h2> 
<p style="text-align: justify">According to <strong>DefiLlama</strong> data, the cumulative total value locked (TVL) in Ethereum’s decentralized ecosystem has risen from $20 billion at the start of last year’s bull market to over $45 billion. The rise in TVL confirms the market’s long-term bullish trend. Investors may be willing to invest in Ethereum’s long-term bullish outlook by locking their <strong>tokens</strong> out of circulating supply, effectively reducing sell-side pressure.</p> 
<p style="text-align: justify">This situation, combined with significant market movers like the upcoming Ethereum Denison upgrade and the excitement around a potential spot ETF, could signal a parabolic rally in the coming months. Ethereum may also sustain the momentum from the anticipated <strong>Bitcoin</strong> halving in April. Historical price movements may support the notion that halvings are not only potential bull run triggers for BTC but also for altcoins. As Ethereum crosses $3000, several key levels emerge. Although a brief surge above $3000 is a positive move, the inability to close above this level allowed investors to take liquidity, which could explain the correction to $2900 on Wednesday.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-price-hits-3000-for-first-time-since-april-2022/" data-wpel-link="internal">Ethereum Price Hits $3000 for First Time Since April 2022</a></h5>

Ethereum Price Hits $3000 for First Time Since April 2022

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