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Ethereum Confidence Rising Despite Bear Market: Can ETH Reach New ATHs?

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• Ethereum [ETH]’s price dropped by 3% last week, which resulted in investors taking losses.
• The number of ETH locked has been increasing, signifying investor confidence in the coin.
• ETH2.0’s value increased significantly and ETH exchange reserves are decreasing, indicating that a rebound may be coming soon.

Ethereum Price Drop Leads to Losses

The value of Ethereum [ETH] dropped by 3% last week resulting in investors taking losses as the percentage of Ethereum addresses in profit reached a one-month low.

Investor Confidence High Despite Price Drop

Despite the price drop, the number of ETH locked has been on the rise for several months which suggests that investors have confidence in ETH despite its current bear market status. Buying pressure also increased as supply on exchanges declined.

ETH 2.0 Value Increases Significantly

The value of ETH 2.0’s Deposit Contract reached an all-time high (ATH) of 23,998,443 ETH at press time and there is a high possibility that the number of ETH locked could overtake the amount found on exchanges soon due to its increasing popularity among investors.

ETH Exchange Reserves Decrease

Analysis from CryptoQuant suggests that ETH’s exchange reserve was decreasing at press time which indicates that it is not under selling pressure and may be setting up for a rebound above $1,800 again soon.

Conclusion

Ethereum [ETH]’s price dropped last week but investor confidence remains high due to its increasing popularity among users with more and more people locking their Ether into contracts or wallets instead of leaving them on exchanges where they can be sold off easily. Additionally, analysis from CryptoQuant reveals that exchange reserves are decreasing which means that buying pressure may increase leading to a possible rebound above $1,800 soon.