ETH Circulating Supply Hits February 2023 Levels: What’s Next?
Ethereum’s circular supply has soared in the past week, and it has not been able to reach the level since February 2023. Link data shows that in the past seven days, 12,353 ETH has been added in the cycle, worth more than $ 39 million.
This is due to the decline in network demand, which affects ETH’s performance.
Ethereum faces inflation pressure as the peak of the circular supply
The circular supply of Ethereum, In the past seven days, the number of coins or tokens that can currently use to the public has been measured. This made the total cycle supply of coins reached 1305.1 billion, with a maximum record in February 2023.
Generally, ETH will see the peak of its circular supply when users’ activities on the Ethereum network decline. According to Artemis, Certificate of interest (POS) Network.
In the past week, the number of unique addresses involved in Altcoin’s unique address has decreased by 4 %. As a result, the number of daily transactions Execute on Ethereum During the same period, it has been reduced by 1 %.
过去一周的Ethereunm用户活动的下降反映在其分散财务的总价值下降（TVL）（TVL）（TVL）（TVL）（TVL）（TVL）（TVL）（TVL）（defi) Ecological system. During the review period, this situation fell 4 %.
ETH price forecast: Will it damage $ 3,000?
The decline in Ethereum online activities Affects ETH’s needs, In the past seven days, its price has fallen by 4 %. The evaluation of ETH/USD’s day map shows that there are still very few purchase activities among market participants.
The readings of the average multi -convergence difference (MACD) indicators confirmed this loser prospect. When writing this article, the leading Altcoin’s MACD line (blue) is located below its signal line (orange).
When setting this momentum indicator in this way, the market trend is loser. This shows that sales activities exceed the accumulation between market participants, suggesting that the potential extension of ETH price decline.
In this case, ETH’s price may decline Transactions with less than $ 3,000 $ 2,945. However, if coins witnessed the surge in new demand, this may push its value to $ 3,369.
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