Ethereum (ETH) is continuously nearing towards $2,000 mark and is currently trading at $1,981.32 as per CoinGecko data. Moreover, it recorded a 5.7 % uptick in its price and a 24-hour trading volume of more than 10 billion dollars. This increase in Ethereum's price is closely related to the astronomical amount of Ethereum burned over the past 24 hours which is about 10,300 ETH. This surge in ETH burning is due to the meme season which is taking place on the Ethereum mainnet leading to high gas fees and ultimately to more ETH being burned. This situation is also positively impacting ETH holders despite if they dislike memecoins according to crypto analyst Mercek. Apart from this, the open interest (OI) in ETH is also increasing significantly. As per Coinglass data, Binance, the leading crypto exchange, has the highest OI in ETH i-e 1.27 million, showing a 37.19 % of total open interest. This denotes that a growing number of investors are wagering towards Ethereum’s future price movements. Furthermore, the supply of ETH has frozen by 0.80 % in the last 30 days. These events are all taken as bullish indicators for the current market trend.



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