Ethereum (ETH) Price Defends $1,800 Mark as Exchange Supplies Hit Multi-Year Lows

Ethereum (ETH) price has traded above $1,750 since May 12, 2023, making a series of higher lows along the way. With ETH price volatility rising in the past week, can the bulls push the rally into a new gear to break above the critical $2,000 milestone?

Timeline of Ethereum

Ethereum faces congestion for validators to enter and begin staking in the protocol. According to data from Wenmerge, an information dashboard, more than 90,000 validators are waiting to provide protocol validation services on Ethereum. This means a validator entering the queue today must wait more than 46 days to be activated and begin its tasks.

Ethereum's (ETH) recent hard fork, enabling users to withdraw staked Ether, is poised to position the cryptocurrency as a formidable contender against US treasury bills in the coming years, according to VanEck, a US asset manager controlling a $69 billion exchange-traded fund (ETF).

In recent weeks, a notable decline in the influx of Ethereum onto exchanges has been observed, with new data shedding light on the decreasing balance of Ethereum held on these platforms.

On June 2, 2023, the Ethereum blockchain explorer and insights web portal, Etherscan, released a new feature that allows users to refine their transaction searches with filters. Onchain sleuths, researchers, and investigators can now narrow down the results in a single view using a variety of new filters.

Etherscan has unveiled a cutting-edge tool, the Advanced Filter, currently in its testing phase. This innovative application empowers users to customize their search results by setting specific parameters using publicly available data from the Ethereum blockchain.

Ethereum bulls were able to defend the $1880 zone upon a retest and the prices climbed back above $1900 at the time of writing, but buyers should be wary of the lack of demand behind ETH recently.

The cryptocurrency markets are currently experiencing a bearish sentiment, but amidst this downturn, there are some encouraging signs for altcoins, as highlighted by analyst Michael Van de Poppe in a recent YouTube video.

Ethereum Price Analysis: By the press time, the Ethereum price traded at the $1905 mark with an intraday day of 0.7%. The daily chart shows the buyers facing a minor hurdle at the local top $1922 formed during the breakout of the wedge pattern.

A large entity has struck down the price of the Ethereum (ETH)-based indexing protocol The Graph (GRT), according to crypto analytics firm Santiment. Santiment says that a whale, likely a crypto exchange, disposed of over $55 million worth of GRT, and the price has been down ever since.

Ethereum, the second-largest cryptocurrency by market cap, has recently experienced a moderate price jump of 5% within the past week. However, this price movement is coinciding with a significant amount of profit-taking transactions among traders.