{"id":519857,"date":"2023-02-16T17:00:52","date_gmt":"2023-02-16T17:00:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=519857"},"modified":"2023-02-16T15:36:31","modified_gmt":"2023-02-16T15:36:31","slug":"why-ethereum-price-could-reach-1800-before-the-rally-burns-out","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/why-ethereum-price-could-reach-1800-before-the-rally-burns-out\/","title":{"rendered":"Why Ethereum Price Could Reach $1,800 Before The Rally Burns Out"},"content":{"rendered":"

Ethereum price has followed the recovery trend of Bitcoin over the last two days, which has helped it wipe the losses from early February. Currently, the digital asset is up around 9% which saw it break above $1,600 once more. However, the cryptocurrency doesn\u2019t seem to be slowing down as there is still some runway for it.<\/p>\n

ETH Deflation Paints Bullish Picture<\/h2>\n

One of the most bullish arguments for Ethereum right now is the fact that while most coins in the space are experiencing inflation, the coin\u2019s supply is deflating. This is a result of the Ethereum Merge that was completed last year, which works to reduce the supply of ETH in the market.<\/p>\n

Related Reading: Breaking: New York Regulator Orders Paxos To Stop Issuing Binance\u2019s BUSD<\/a><\/div>\n

Over the months that have followed the Merge, there has been a steady decrease in the Ethereum supply. Between the time of the Merge and now, the supply of Ethereum has shrunk by more than 23,900 ETH (around $40 million), a 0.047% decrease since the Merge.<\/p>\n

This reduction in supply has pushed the ETH issuance rate into the negative. According to data from the ETH tracking website, Ultrasound Money<\/a>, the ETH issuance rate now sits at -0.7%.<\/p>\n

The burn rate has also accelerated this time, coming out at more than 4,000 ETH burned daily. This means that around 1.55 million ETH are burned per year going by the current burn rate. Additionally, the website projects that by 2025, the total ETH supply will fall below 118 million.<\/p>\n

\"Ethereum<\/p>\n

ETH supply expected to fall below 118 million in two years: Source: Ultrasound Money<\/a><\/pre>\n
Can This Push Ethereum Price Above $1,800?<\/h2>\n
With the current momentum, coupled with the fact that the Ethereum supply is declining rather than increasing, it serves as a bullish basis for the cryptocurrency since lower supply and higher demand are a recipe for rising prices.<\/p>\n
ETH, on one hand, is already trying to test the $1,700 resistance. This is a hard one given that bears have pitched their tents at this level, but a break above here can easily guarantee a run-up above $1,800 in short succession.<\/p>\n
Related Reading: Crypto Investor Sentiment Remains Neutral Despite Market Downturn<\/a><\/div>\n
There is also the fact that over 14% of the total supply worth over $28 billion is still staked in the Beacon contract<\/a>. This reduced circulating supply and the spike in the Coinbase Premium Index<\/a> show more attention from investors, all of which work to cement the bullish trend for the digital asset.<\/p>\n
At the time of writing, ETH is trending at a price of $1,685. The digital asset\u2019s price is up 8.79% in the last 24 hours and 3.17% in the last seven days.<\/p>\n
\"Ethereum<\/p>\n
ETH price remains steady above $1,600 | Source: ETHUSD on TradingView.com<\/a><\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Ethereum Price, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Ethereum price has followed the recovery trend of Bitcoin over the last two days, which has helped it wipe the losses from early February. Currently, the digital asset is up around 9% which saw it break above $1,600 once more. However, the cryptocurrency doesn\u2019t seem to be slowing down as there is still some runway for it. ETH Deflation Paints Bullish Picture One of the most bullish arguments for Ethereum right now is the fact that while most coins in the space are experiencing inflation, the coin\u2019s supply is deflating. This is a result of the Ethereum Merge that was completed last year, which works to reduce the supply of ETH in the market. Related Reading: Breaking: New York Regulator Orders Paxos To Stop Issuing Binance\u2019s BUSD Over the months that have followed the Merge, there has been a steady decrease in the Ethereum supply. Between the time of the Merge and now, the supply of Ethereum has shrunk by more than 23,900 ETH (around $40 million), a 0.047% decrease since the Merge. This reduction in supply has pushed the ETH issuance rate into the negative. According to data from the ETH tracking website, Ultrasound Money, the ETH issuance rate now sits at -0.7%. The burn rate has also accelerated this time, coming out at more than 4,000 ETH burned daily. This means that around 1.55 million ETH are burned per year going by the current burn rate. Additionally, the website projects that by 2025, the total ETH supply will fall below 118 million. ETH supply expected to fall below 118 million in two years: Source: Ultrasound Money Can This Push Ethereum Price Above $1,800? With the current momentum, coupled with the fact that the Ethereum supply is declining rather than increasing, it serves as a bullish basis for the cryptocurrency since lower supply and higher demand are a recipe for rising prices. ETH, on one hand, is already trying to test the $1,700 resistance. This is a hard one given that bears have pitched their tents at this level, but a break above here can easily guarantee a run-up above $1,800 in short succession. Related Reading: Crypto Investor Sentiment Remains Neutral Despite Market Downturn There is also the fact that over 14% of the total supply worth over $28 billion is still staked in the Beacon contract. This reduced circulating supply and the spike in the Coinbase Premium Index show more attention from investors, all of which work to cement the bullish trend for the digital asset. At the time of writing, ETH is trending at a price of $1,685. The digital asset\u2019s price is up 8.79% in the last 24 hours and 3.17% in the last seven days. ETH price remains steady above $1,600 | Source: ETHUSD on TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Ethereum Price, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":519903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,6931,8686,78803],"class_list":["post-519857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nWhy Ethereum Price Could Reach $1,800 Before The Rally Burns Out<\/title>\n<meta name=\"description\" content=\"Ethereum price has followed the recovery trend of Bitcoin over the last two days, which has helped it wipe the losses from early February. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Ethereum Price Could Reach $1,800 Before The Rally Burns Out","url":"http:\/\/uniquehot.com\/news\/ethereum\/why-ethereum-price-could-reach-1800-before-the-rally-burns-out\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/why-ethereum-price-could-reach-1800-before-the-rally-burns-out\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Ethereum-bull.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Ethereum-bull.jpeg?fit=1120%2C840"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethereum price","ethusd","ethusdt"],"dateCreated":"2023-02-16T17:00:52Z","datePublished":"2023-02-16T17:00:52Z","dateModified":"2023-02-16T17:00:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Ethereum Price Could Reach $1,800 Before The Rally Burns Out\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/why-ethereum-price-could-reach-1800-before-the-rally-burns-out\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/why-ethereum-price-could-reach-1800-before-the-rally-burns-out\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Ethereum-bull.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Ethereum-bull.jpeg?fit=1120%2C840\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-02-16T17:00:52Z\",\"datePublished\":\"2023-02-16T17:00:52Z\",\"dateModified\":\"2023-02-16T17:00:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Ethereum-bull.jpeg?fit=1120%2C840","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/519857"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=519857"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/519857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/519903"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=519857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=519857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=519857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}