ETHERIUM PREDICTION

Ethereum (ETH) hit an intraday high of US$1,740 yesterday before closing the session 6% lower at around US$1,640. The ETH/USDT pair has since recovered above US$1,655.

Speaking of ETH, recent data shows that the total ETH supply sitting on exchanges has fallen 37% since last September’s Merge protocol upgrade.

This suggests more ETH holders are HODLing their coins offline. Combined with post-Merge deflationary tokenomics, this could spell bullish news for the world’s second-largest cryptocurrency.