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Following
ETH Ethereum (ETH) continues to trade below the US$2000 mark, investors are closely watching whether this key resistance level can be breached
Ethereum (ETH) continues to trade below the US$2000 mark, investors are closely watching whether this key resistance level can be breached. As pledge rates continue to rise and ETH reserves in exchanges continue to decrease, the signal of increasing supply tightening becomes increasingly obvious. However, experts pointed out that to achieve sustained growth, the demand side must also increase simultaneously. On the other hand, spot Ethereum ETF funds began to flow in again, which further strengthened the market's expectation that the price exceeded US$2000.
Expected increase in scarcity of Ethereum
Pledge activity on the Ethereum network continues. The latest data shows that approximately 41.4 million ETH (approximately 34% of the total circulation) have been locked in the pledge system. At the same time, Ethereum reserves in centralized exchanges continued to decline, further reducing circulation supply. Analysts believe that this situation provides positive support for ETH's long-term supply dynamics. Institutional interest in Ethereum also continues to heat up. On August 4, the U.S. spot Ethereum ETF received a net inflow of US$53.75 million. Analysts pointed out that if such inflows continue, buying pressure may increase further, and Ethereum is expected to test the $2000 resistance level again.
New destruction mechanism put on the agenda
The draft EIP-8361 proposed by Ethereum developers has also attracted the attention of investors. The proposal aims to automatically destroy a greater proportion of issued ETH as pledge rates increase. Although the mechanism is still in the draft stage, the market generally believes that once implemented, Ethereum's inflation rate may be further reduced. Although supply-side data is improving, some indicators on the chain still remind the need to be cautious. According to analysis by Novaque Research, the Coinbase Premium Index has remained in a negative range since May, indicating that U.S. investors have not yet formed strong demand for Ethereum. In addition, online transaction fees and destruction volumes have not reached levels that support a strong scarcity narrative.
Experts believe that to achieve an effective breakthrough in the US$2000 mark, not only requires a significant increase in network activity and transaction costs, but also requires continued efforts on the demand side. Cryptocurrency analyst Credibull Crypto warned that short-term correction risks cannot be ignored. He pointed out that if the recent support level of $1847 falls below, Ethereum may face greater selling pressure. Under this scenario, prices may fall back to the $1500 region.
Assessment
The increase in Ethereum pledge ratio and the decline in exchange reserves continue to provide support for the supply side. However, analysts stressed that tight supply alone is not enough to break through the $2000 mark. Strong institutional demand, increased network activity and continued inflows of spot ETF funds are needed. In the short term, the $2000 resistance level and the $1847 support level are still key levels that determine the direction of Ethereum.
