Ethereum Activity Reach Peak; EIP-1559 Burns Dey Tighten Supply
Ethereum on-chain waka reach one year high wit more dan 674,000 active addresses, show say network dey ginger again. Di EIP-1559 burn mechanism dey reduce net ETH issuance near zero, con tighten di token supply as demand dey rise. Institutional money enter Ethereum ETFs hit $154.3 million last week, wey boost market confidence. ETH dey trade around $3,550, with 3% gain per day but 9% loss for di week. Analysts talk say immediate support dey between $3,200 and $3,350, and long term entry zone be $2,950 to $3,050. If dem levels hold, rebound fit carry am go $4,000. Volume increase during di recent drop, and RSI still neutral. History show August performance fit different, but better on-chain numbers and cut down supply fit make market get bullish. Traders suppose dey watch on-chain data, burn rates, and technical zones to sabi how short-term correction and long-term upside go be.
Bullish
Di on-chain activity dey grow plus supply burns under EIP-1559 dey align with past cycles wey network fundamentals dey before price rallies, like e happen in 2021. Tight net emissions plus ETF inflows dey boost buying pressure. Even though short-term dips fit test $3,200–$3,050 support, if dem hold these zones, e fit trigger rebound go $4,000. The increased volume wey dey happen on declines dey signal say market reaction strong no be sell-offs. Overall, the strong network adoption and limited supply dey create better bullish background for Ethereum.