Ethereum has burned close to half a million of its supply in just two months with the burning seemingly currently running at 250,000 eth a month, worth $900 million. Some 477,000 eth has been burned at the time of writing, worth $1.7 billion, with it currently running at $1.3 million or 372 Eth burned per hour. Ethereum’s current total supply is at 117,842,811, making it 0.5% burned. At this rate, about 3% of the total supply would be burned a year. Currently miners get about 4% in new supply. Ethereum’s rate thus has been slashed by 75% to 1% of total supply a year.
From a technical perspective, Ethereum did exactly what we expected in the last week’s report. The price climbed correctively and reached the at $3,6k. For the next week we expect a corrective leg to the downside and then a continuation to the upside. If the price breaks the convincingly and consolidates above, we have a high probability of going up.
Trade with care.
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.