These Bullish and Bearish Signals for Ethereum (ETH) Can Determine the Price Action

The world’s second-largest cryptocurrency Ethereum (ETH) recently touched a new all-time high above $4800 and is currently flirting close to those levels. While there have been expectations of ETH reaching $5000 levels very soon, the network congestion and high gas fee prove to be a kind of barrier.
It’s difficult at this point to say in which direction Ethereum (ETH) will move. On-chain data provider Santiment reports that the Ethereum address activity is up by 48% after the number of unique ETH addresses bottoming out in late September.
Courtesy: Santiment
Furthermore, Crypto Quant CEO Ki-Young points out that the ETH supply in the market isn’t increasing anymore. Post the London hardfork, the rate of ETH supply has become almost zero. thus, Ethereum is turning out to be a scarce asset that can be a bullish signal for the world’s second-largest crypto.

$ETH supply doesn’t increase anymore.
Its rate of change became almost zero after the London hard fork.
Just like Bitcoin, ETH is now a scarce asset with limited supply.
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