Ethereum is experiencing significant price gains driven by increased network activity and robust inflows from spot ETFs, indicating a sustained rally. Despite trading within a range of $2,370 to $2,770 since May 10, Ethereum maintains a dominant 61% market share in total value locked (TVL), which recently grew by 6%. While competing blockchains like BNB Chain and Solana showed declines in deposits, Ethereum's layer-2 scaling solutions recorded impressive decentralized exchange (DEX) activity. Notably, Ether's short-term supply has dropped to a record low, further supporting positive price movements as demand rises. Spot ETH ETFs have amassed $837 million in net inflows since May 16, signaling increased institutional interest. Although challenges remain, including high base layer fees that impacted DEX volumes, analysts anticipate a potential breakout above the $2,800 level, suggesting that Ethereum remains a key player in the crypto market.

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