6 mln ETH gone forever: Will shrinking supply fuel Ethereum’s $4K run?

Key Points

1. Ethereum is retesting the $3,800 resistance level, a zone that previously triggered an 8.5% price drop to $3,531.

2. Over 6 million ETH has been permanently removed from supply via burns and lost keys, tightening the available float.

3. Validator exits now exceed 694k ETH, with a net staking outflow of 473,151 ETH, contributing to the supply crunch.

4. Despite resistance, Ethereum's technical structure remains strong, with potential for a breakout if it reclaims the $3,800 level.

5. The circulating supply for futures or margin trades is thinning rapidly, which could amplify price movements.