Ethereum has seen its price recover and stabilize back over $3,000 as burned ETH and Staked ETH continue to climb.
Ethereum’s price has seen a favorable climb over the last thirty days. The crypto has surged nearly 75% from 22 July until 21 August. Ethereum has sky-rocketed from $1,800 up to its current price of $3,265.
Source: Tradingview
ETH Burned surpasses 73,000
Key reasons for ethereum enjoying positive price action can be credited to the recent London hard fork upgrade, which now sees ethereum being burned daily. Since the upgrade, ethereum has burned a total of 73,569 ether, or $240 million. That is an additional 27,551 Ether burned in the past week.
Source: EthBurned
Staking platform continues to grow
The Ethereum 2.0 staking platform has also seen an addition of nearly 200,000 more ethereum added to the total ETH being staked on the staking platform. The total being staked now sits at 7,092,551 ethereum. That amounts to a value of $23.5 billion. The total number of validators also jumped. The platform saw an increase of 5,495 new validators since last week. The total number of validators now sits at 214,490. The current Annual Percentage Rate (APR) of staking on the platform sits at 5.9%
ETH on exchanges declining
Ethereum is currently hitting a shortage, as the crypto continues to see its supply being removed from exchanges. Glassnode recently reported that “Exchange ETH balances have now declined to reach an all-time low of 13% of the circulating supply this week, equivalent to 15.3M ETH.”
Notably, VanEck has also recently filed another ETF application with the U.S. SEC. The ETF is a futures-based Ethereum ETF, called the Ethereum Strategy ETF.