He Will Be The King Of The Bull! Half Billion Dollar Altcoin Out of Circulation!

The price volatility in the cryptocurrency markets continues and Bitcoin has turned its direction up again. May is forgotten. Stuck in the narrow gap last month, volatility in BTC price increased, but this time the price went in the wrong direction. We will see if the last rise is permanent or not in the next 48 hours. So what about the leader of altcoins?
ETH price, which fell below $1,700 on June 14, indicated that the failure of a strong recovery to start may have intensified the bears' selling. The bulls are trying to push the price back above $1,700 and for now the critical threshold has been crossed. But more is needed. If this zone is lost again, it is likely to continue selling below $1,600 to $1,350.
Alternatively, if the pair persists above $1,700, this will reflect continued demand. The pair could then rise to the 20-day EMA ($1,779) where the bears will try to stop the recovery. For now, the altcoin king is preparing for this region. In the best-case scenario, we can see the price reach $1,928 and $2,000.
Long Term ETH Review
ETH circulating supply has decreased by 282,531 in the last 274 days. The total amount of ETH burned exceeded 772 thousand. Circulation is now shrinking, and despite the calm during the bear season, nearly $500 million in supply has already evaporated. ETH investors, accustomed to negative inflation, think that in the long run it will increase the price significantly with the scarcity it will bring. The more transactions are made on the network, the higher the price will be.
So what will it be like in bull season? Here we can see a true cycle of ascension born of famine. In an environment where investors increase, the number of ETH transactions also climbs and the network income increases. Naturally, the amount of ETH burned increases rapidly. In the table above, you can see the shrinking supply after Merge. If the Ethereum network had not switched to the PoS consensus mechanism, we would have seen an annual increase of approximately 3% in its circulating supply, and a table like the one below would appear.
ETH can be one of the bull's best bullish stories when it comes to decreasing supply, more demand, and an increase in the burning rate. At least, this is the picture that appears when we look into the future from today.
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