According to data from Ultrasoundmoney.com, the supply of Ethereum ($ETH) has decreased 47,272 tokens over the past 30 days. As of December, 2023, the Ethereum supply
A Big Shift is Here
Will Ethereum Reach $3,000 in 2023?
Ethereum (ETH) has been on a tear since early October, breaking above a descending resistance line earlier in November and continuing its ascent with accelerating momentum. After briefly encountering resistance at a horizontal zone, ETH soared to a new yearly high of $2,403 on December 9.
However, the rally didn’t last long, and ETH price has been on a downward trajectory since then. Yesterday, the decline intensified, dropping to a low of $2,145 before slightly rebounding above $2,200 today.
2024 is poised to be a landmark year for the Ethereum network with the release of its next major upgrade, Ethereum Cancun-Deneb. This upgrade will be headlined by EIP-4844, also known as Proto-Sharding, which aims to significantly reduce transaction fees on Layer-2 protocols. Additionally, the introduction of “blobs,” a novel data transfer model, addresses the ongoing challenge of data availability within the network.
The success of Cancun-Deneb upgrade has the potential to significantly boost the adoption of Layer-2 solutions by attracting more users and developers to build on these networks.
Lower transaction fees will make Layer-2 protocols more appealing for decentralized applications (DApps) and users, potentially leading to increased network usage and activity.
Beyond adding new features, upgrades are crucial for maintaining and improving the security and stability of the network. A successful upgrade ensures that the Ethereum network remains robust and secure, which is essential for garnering the trust and confidence of users and developers alike.
Positive developments, particularly those related to technical upgrades and improvements, often lead to positive market sentiment, which can potentially contribute to a favorable price trend for Ethereum.
In 2024, the price trends are bullish. It is only a matter of time until we see more record high prices.
