Ethereum on the Verge of Change

🔶Ethereum has approached a critical resistance level. The price of Ether has increased by more than 9%, open interest has surged, and more traders are betting on a bullish breakout. The supply of Ethereum on centralized exchanges has decreased by nearly 3 million in the past 24 hours.

🔶Ethereum’s market outlook is heavily influenced by macroeconomic shifts. Crypto analyst Benjamin Cowen believes that it will take only three to four months for the Ether supply to reach pre-Merge levels. However, the trend has significantly shifted following the Federal Reserve’s 50 basis point rate cut.