Ethereum Nears $1,300

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Ethereum rose to $1,295 today with it almost fully recovering after twice testing support at $900. The crypto has gained significantly on bitcoin, up nearly 7% while bitcoin has increased by only 1%. The currency became very bullish today with it suddenly jumping as it can be seen in that big green candle. The reason may well be some bullishness in defi is now reflecting on eth with the entire decentralized financial system running on ethereum. The amount locked up in staking is now also becoming considerable at more than $3 billion, with this supply effectively taken out of circulation for two years. This 2.5 million eth therefore can not participate in supplying the asset for price setting, with it increasing by another 25,000 eth, worth $36 million, since Thursday. Another reason may well be that EIP 1559 is now in the picture. While it previously seemed like this was…

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