Can Ethereum [ETH] maintain stability despite the hawkish circumstances?

  • Ethereum’s burn rate was more than minting activities, resulting in a good supply rate
  • Effort activities were actively operational, although it was immaterial to ETH’s price

Ethereum [ETH] seemed to have maintained a strong performance despite the unsettled nature of the crypto market. This was the opinion of Easy OnChain, a CryptoQuant analyst.

According to his release, as he labeled “Ethereum Better Every Day,” the chain reviewer believed that ETH has been resolute even though investors may not be happy with its sub-$1,200 value.

Read Ethereum price prediction 2023-2024

Advancing the basis of his opinion, Easy OnChain said that ETH’s deflationary status since the burn proved the altcoin’s strength. This state of affairs meant that more ETH had been burned in confirming transactions since the switch to Proof-of-Stake (PoS).

In accordance Ultrasound money383,000 ETH were burned in the last 24 hours. This figure showed supply growth of 0.20% in the same period.

Data from the Ethereum-focused platform also showed that Ethereum’s annual inflation rate had dropped to -0.006%. This value indicated that the blockchain burned more tokens. Therefore, it was inevitable not to have an increase in the offer.

Source: Ultra Sound Money

Nothing lasts forever

While it may be great to see Ethereum in such an excellent state of supply, the case of NFT on its blockchain could not replicate a similar show. In accordance Sentiment, the total NFT trading volume was 2,055 at press time. Considering how these Ethereum blockchain collectibles performed on November 23rd, the current volume can be described as messy.

The value mentioned above suggested that NFT traders were hardly interested in accumulating ETH assets, especially as this chaotic state had been prevalent for the past five days. Ethereum NFT volume

Source: Sentiment

ETH 2.0 and the efforts of Ethereum

Bringing on the bright light from the dark shadow of the NFTs was staked Ethereum. Interestingly enough, Simple OnChain pointed out ETH locked in staking. According to CryptoQuant, ETH 2.0 effort rate grew by 12.2% at the time of writing.

Ethereum stake rate

Source: CryptoQuant

Additionally, staking activities were just one of many positive things about ETH 2.0. According to Glassnode, it is participation rate showed good reception.

At press time, participation was 99.262%. This indicated that there was a satisfactory response from the network validator. So the validators almost did not miss slots with Ethereum. This also led to nourishment of the increase according to total value bet across all exchanges.

Ethereum's total value staked

Source: Glassnode

In conclusion, these calculations showed that the Ethereum network performed excellently. However, this performance cannot be translated into a price increase. Nevertheless, it was likely that ETH could maintain its deflationary state unless a significant network impact occurred.

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