Ethereum price prediction: 9.7 ETH burned as supply keeps growing

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Analysis: The data shows that Ethereum burned 9.7 ETH in fees over the past 24 hours, while supply grew by 2,956 ETH over the same period. Our assessment follows below: the scarcity mechanism that many ether holders pin their expectations on is, in practical terms, currently switched off.Ethereum is burning next to nothing. In the 24 hours to Sunday evening, October 25, exactly 9.67 ETH in base fees left circulation for good, according to data from ultrasound.money, worth around $22,600. Over the same period, 2,956 new ETH were created. On balance, supply grew by 2,946 ether in a single day. The price says little about any of this. Ether traded at $2,341.78 or €2,090.31 on Sunday evening, 1.7 percent above the previous day, after slipping below the $2,300 mark on Saturday. Over 30 days it is still down 12.8 percent. Where the price can go over a horizon of months is something our Ethereum price prediction puts in context. What makes this Sunday interesting is not the price but w...