In the past week, Ethereum's supply increased by 7,728 ETH, valued above $20 million, leading to a total circulating supply of 120.39 million ETH. This increase in supply could negatively affect Ethereum's price if demand remains static.
The decline in Ethereum usage contributed to this situation, as indicated by a 3% decrease in daily on-chain interactions and a 43% drop in network fees. This fall in network activity has pressured Ethereum's price downward.
Currently priced at $2,619, Ethereum’s price may face challenges breaking $3,000 unless network activity improves. Key support levels to watch are at $2,579 and potentially $2,264 if demand weakens further.
In contrast, a resurgence in network usage could enhance Ethereum's demand, potentially allowing its price to rally towards $3,336, assuming other market conditions stay supportive.
