14.7% of ETH’s Circulating Supply has Been Dormant for 2 – 3 Yrs
This amount of Ethereum that has laid dormant for two to three years is roughly 14.7% of the total circulating supply of 114.759 million ETH. Furthermore, the dormant Ethereum is valued at $32.553 Billion using ETH’s current value of $1,928.
Such an amount of Ethereum not having moved for such a long time is proof that ETH investors are particularly bullish about the long-term future of the digital asset and the corresponding network.
Ethereum’s $1,800 is the Level to Watch During ETH’s Weekly Close
Concerning price action, Ethereum has just set a new all-time high of $2,042 – Binance rate. This new milestone was achieved yesterday, February 20th, as Bitcoin also set a new all-time high of $57,717. However, both digital assets have since experienced a pullback that has resulted in ETH momentarily dropping to the $1,800 support zone before bouncing back to its current price of $1,928.
To note is that the weekly close is only a few hours away and Ethereum’s $1,800 will be an area of importance for ETH to maintain its bullishness throughout the rest of the month.
However, fundamentally, Ethereum has several bullish reasons to keep thriving as shall be outlined below.