Santiment: Ethereum Price Will Go Up
Analysts of Santiment believe that the offer of ETH on crypto-exchanges has reached the lowest for 28 months. This is only one-5 of the coin reserve. Same level (20.1%) november 2018 before reaching another high
If you look at the cryptocurrency price chart, you can see the existing relationship between the drop in supply volumes and the increase in the price of Ethereum.
Ethereum is currently trading at $1,782. The 24-hour chart shows the fluctuations between $1,812 and $1,760. There was a slight upward trend after falling from $1,865 on the weekly chart. The weekly minimum is $1,724.
If the current trend to increase the price continues, the cryptocurrency can again break the level of $1,850. This is quite likely given the high demand for ETH, which is associated with the popularity of NFT and DeFi projects.
More than 9.4 million ETH projects have been blocked in DeFi projects. The most funds are stored in MakerDAO, Compound and Sushiswap - 4.4 million tokens. They are followed by Uniswap, Aave, Alpha Homora and Balancer. DEX alone contains more than 1 million ETH.
Another 3.55 million ETH is in the Ethereum 2.0 contract. These tokens are estimated at $6 billion. Due to the significant number of tokens that have been withdrawn from circulation, the demand for them is constantly growing. This can have a positive impact on the price of cryptocurrency, opening up new prospects for growth in 2021.
You can register and see the current price of ETH on the cryptocurrency exchange Binance.
The article has an informational character, reflects the opinion of the author. Before you make a decision, analyze the market situation.