Ethereum's supply in encryption exchanges reaches the low decade

ethereum's supply in exchanges has fallen to its lowest level since November 2015, with only 8.97 million eth available

According to an analysis of March 21 by Santiment, this decrease is largely due to the increasing popularity of decentralized finance and rethinking. The sales pressure has decreased as the most holders block their assets instead of keeping them in exchanges. ethereum (eth) exchange supply has decreased by 16.4% in the last seven weeks, indicating a long -term accumulation trend.

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But this supply compression has not benefited the price of ethereum, at least. eth has yielded 47% of its maximum of December $ 4,105 at its price of March 21, $ 1,990, which makes it one of the main cryptocurrencies of worse performance.

The technical and chain indicators suggest a greater inconvenience. Standard Chartered analysts recently reduced their eth price objective for the end of the year from $ 10,000 to $ 4,000, citing greater competition from other networks, especially ethereum Layer-2.

Because they charge less rates, layer 2 networks are attracting more users and decreasing Mainnet activity. As defiliated dataThe volume of last week processed by the ethereum -based DEX protocols was $ 9.8 billion, of which $ 5.67 billion were handled by the referee (ARB) and the base alone.

The monthly volume of Dex in ethereum has fallen from $ 92 billion in December to $ 82 billion in February, and even smaller volumes are expected in March. This drop in the use of Mainnet has impacted income from ethereum rates, a key part of its economic model. From $ 218 million in December to only $ 46 million in February, income from ethereum rates have decreased dramatically.

Although transactions are now less expensive thanks to the Dencun update, which reduced gas rates by 95%, ethereum's revenues continue to decrease. The total value of blocked ethereum has also fallen from $ 76 billion in December to $ 46 billion at the time of publication.

A possible life line for ethereum could come from the participation of the funds quoted in the stock market. Both the New York Stock Exchange and the Chicago Board Stock Exchange have submitted requests to the US stock and values ​​commission. UU. To allow participation in Etfs ethereum. Since ethereum Spot ETFS saw $ 370 million in <a target="_blank" href="https://m.sosovalue.com/assets/etf/us-eth-spot” target=”_blank” rel=”nofollow”>Departures During the previous month, institutional interest remains low.

On the technical side, ethereum continues to decrease and face resistance to $ 2,042. The 50 -day mobile average is acting as a barrier, and Bollinger bands show low volatility, which suggests consolidation.

eth is recovering from oversized conditions, but lacks significant impulse, according to the RSI, which is in 41.22. While the weak volume indicates the uncertainty of the merchant, a slight increase indicates some accumulation.

The following objectives are $ 2,163 and $ 2,370 if eth is broken above $ 2,042. If $ 1,986 are not maintained, there may be a decrease towards $ 1,714, where previous purchase interests have emerged.