Ethereum Faces Potential Supply Squeeze as Staking Exits Rise and $3,800 Resistance Is Retested
Main Idea
Ethereum's supply is tightening due to rising validator exits and significant ETH burns, pushing the price toward a potential breakout above $3,800 and possibly to $4,000.
Key Points
1. Validator exits exceed 694,000 ETH, with net staking outflows reaching 473,151 ETH, reducing liquid supply.
2. Over 913,000 ETH is permanently locked due to lost keys and contract bugs, and 5.3 million ETH has been burned via EIP-1559, reinforcing scarcity.
3. Ethereum is retesting the $3,800 resistance level, with potential for a breakout toward $4,000 if demand persists.
4. Bitcoin dominance (BTC.D) influences Ethereum's price, with rising BTC.D often leading to temporary ETH pullbacks as capital rotates between the two.
5. Open interest in Ethereum is increasing, with Binance's open interest at $15 billion, indicating heightened market activity.
Description
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