After the SEC incident, Ethereum’s supply on Binance declined sharply, reflecting less confidence among investors in the CEX.
However, things changed in the second quarter of this year. Token Terminal’s data revealed that ETH’s revenue had declined. After spiking on 5 May 2023, Ethereum’s revenue plummeted sharply, which was not good for the blockchain.Though ETH’s revenue declined, the token’s price moved the other way. According to
, ETH’s price has increased by nearly 2% in the last 24 hours. At the time of writing, it was trading at $1,665.31, with a market capitalization of over $200 billion., Ethereum’s Relative Strength Index was in an oversold position. This might have increased buying pressure and pushed up the token’s price. Ethereum’s exchange reserve was also green, suggesting that the token was not under selling pressure.
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