Degen

According to the weekly report of the analytical platform CryptoQuant, the Ethereum network is witnessing renewed demand growth and increased activity.

The indicators of the analytical company show that if the dynamics of supply and demand continue, the price of the second largest cryptocurrency in the market will reach above $ 5,000. Currently, the price of Ethereum is $ 3,900.

CryptoQuant analysts say that the assets of Ethereum exchange-traded funds (ETFs) have reached a new record of 3.41 million coins, which indicates investor confidence. The dynamics of the supply sector are also positive, with the amount of Ether burned increasing from 80 units at the end of August to 2,700 units at the moment.

The network activity has also increased, with daily transactions reaching 6.5-7.5 million. Analysts believe that more network activity will lead to more Ether burns and a positive impact on the price.