Trader Lark Davis explains why the price of Ethereum can rise above $ 10,000

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Cryptocurrency trader and famous youtuber Lark Davis believes Ethereum (ETH) is poised to rally 190% to five-digit values.

In a new video, Davis revealed that the second-largest crypto asset by market cap is poised to climb to $ 10,000, driven by key fundamentals.

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Davis believes that one of the reasons the price of Ethereum should more than double is the decline in the number of altcoins on exchanges.

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This figure has been in a strong downtrend over the past year, he said, as holders either lock their Ethereum into Decentralized Finance (DeFi) protocols or use them to buy non-fungible tokens (NFT).

The supply mechanisms have not been canceled, so sooner or later the Ethereum supply crisis will lead to a serious increase in prices.

Davis also cited tweet analytic blockchain platform IntoTheBlock, which states that recently the net amount of Ethereum withdrawn from crypto exchanges has reached a new all-time high.

Ethereum’s net worth leaving exchanges has just hit a new record. More than $ 1.2 billion worth of Ethereum left centralized exchanges yesterday. This is a mind-boggling figure.

The analyst added that when Ethereum, worth more than a billion dollars earlier, left the centralized exchanges, the price of the first altcoin showed double-digit growth within about four weeks.

As IntoTheBlock points out, the last time a billion dollars or more in Ethereum left centralized exchanges, ETH was up 60% within 30 days.

Davis also cited research from analyst firm Glassnode, which shows that a significant portion of the Ethereum supply has not moved in the past 90 days.

87% of Ethereum emissions have not been transferred online for three months or more. 87% off the offer! This is madness.

According to the crypto trader, this is a sign that Ethereum holders are waiting for higher prices, supported by the burning of Ethereum transaction fees.

People expect higher prices and do not sell below the previous all-time high. They know a new all-time high is approaching. They know a price discovery is coming. They are watching what is happening with the Ethereum economy … So far, 309,500 Ethers worth $ 1.1 billion have been burned.

The proliferation of scaling solutions known as Layer 2 protocols is also benefiting the second largest crypto asset, driving up demand.

We are also seeing the rise of the second level of Ethereum. To use Ethereum Tier-2, you must have Ethereum. Simply and easily. You must have ETH to pay for Ethereum tier 2 gas.

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