CandleFocus Ethereum (ETH) Supply Reaches February 2023 Highs While Price Keeps Struggling
2025-01-29
Author: Content Editor
The circulating supply of Ethereum has increased significantly in the past week, reaching levels not seen since February 2023. This surge in supply is accompanied by a decline in network demand, leading to a decrease in ETH's performance. The number of unique addresses and daily transactions involving Ethereum has dropped, reflecting a decline in user activity. The total value locked in Ethereum's decentralized finance ecosystem has also decreased. As a result, ETH's price has dropped by 4% in the past seven days. Technical indicators suggest a bearish outlook for ETH's price, with the potential for it to decline further. However, if there is a surge in new demand, the price could recover and rise towards $3,369.
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