Today Deezy goes over the FUD surrounding Ethereum. Is it dead? Deezy answers that question and then gives a target for 2024!
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Ethereum is dead that's what all the top Analysts are saying I'm going to give You my thoughts on the matter and then An eth price prediction for 2024 crypto News is ethereum dead in 2024 coin Ledger is ethereum dead benzinga is Ethereum dead this Bitcoin Trader thinks So and even Crypt banter did a video 4 Days ago sell your ethereum now with the Scariest looking thumbnail I've ever Seen and folks there are two main Reasons why they are saying ethereum is Dead the second reason has to do with Inflation but not the kind that you're Thinking of ethereum's average gas fees Dro below one guay for the first time in Years gay short for Giga away is the Unit of measurement used in ethereum's Gas prices and transaction fees this is How expensive it is to do a transaction On the ethereum network they fluctuate Based on network demand and since guay Is at alltime lows they're saying Ethereum's network demand is at all-time Lows but that's not even the really Scary part everyone if we keep scrolling Here you can see the drop his made Transactions much cheaper for users Which is a good thing but now it's Prompting discussions about the Long-term effect of the Network According to Ether scan average gas fees Fell below one gay yesterday but now we Have rebounded slightly to two gay now
If you're wondering why guay is so low Uh it is due to the denune upgrade that We saw in March which then led to lower Fees especially with l2s CU everyone's Transacting on ethereum on the layer two Networks these are the networks built on Top of ethereum you can see right here Base had about 40 transactions per Second arbitrum had nearly 20 Transactions per second meanwhile Ethereum is only doing about a dozen on The other hand though the reduction in Fees is sparking concerns about Network Inflation and that's my main concern Here with fewer eth being burned the Network supply has been rising now According to Ultrasound money only 120 Eth were burned in the past day while The supply increased by 2500 this is Counteracting the deflationary trend Previously observed when vitalic was Saying what the merge was going to do Everybody was being sold this Deflationary eth but now eth is Inflationary in fact it's more Inflationary than you might be expecting This is since the merge okay you can see The merge was about one almost 2 years Ago now a year and 332 days now in that Time we have burnt a significant amount Of eth we have burned almost a million Eth 91,000 while they have only issued 780,000 e meaning it is actually
Constraining its Supply it is Deflationary if there's 10 today there's 9 something tomorrow but here's where it Gets scary if we just do the last 30 Days of metrics here it is very Inflationary here we have now averaged An issuance of 937 th000 eth while only Burning less than a quarter million so We're issuing out a million tokens while Only burning a quarter million Increasing the supply of ethereum on the Network therefore reducing the value of Your coins and you can see here is Inflating at the rate about half a 1% a Year but is eth dead I don't think so And the reason why is smart money Everyone smart money in Wall Street and Then we're going to go and I'm going to Give you my ethereum price prediction on Where I think it's going to go in 2024 Because a smart Trader he keeps buying The dip here you can see he added 68 Million worth of ethereum this was on August 3rd now the reason this Trader is Important is because he has a 100% win Rate this is a smart Trader who has Never made a losing bet he has been Making smart Bets with ethereum and he Purchased $7 million worth over2 2,000 e And then he also bought 4,000 e 24 hours Before that but this was on August third What is he doing right now he is still Buying everybody now he is up to nearly $100 million so this crypto whale he's
Been accumulating tens of millions of Dollars worth of e he just bought Another $4.7 Million worth over the Weekend and so you can see here we have This smart individual Trader buying but What about Wall Street what is Wall Street doing Wall Street is also buying The dip ether ETF weekly flows turn Positive for the first time since launch We're going to look at the eth launch And that's how we're going to determine Our price prediction for this year and So the newly launched 9 ETFs overall Inflows of $105 million over the last 7 Days and if you look at the numbers for The nine funds six of the nine funds had Overall positive net flows and it's no Surprise black rock is leading the Charge so if you want to bet against eth You're literally betting against Black Rock historically that has been a Bad Bet to make when it comes to finance Markets now they are leading the pack With $88 million of inflows but I said I'll Would go to the charts for you folks the Price prediction for eth is going to be Be a lot more bullish than You're Expecting here we got the chart for Ethereum you can see when the eth ETF Launched it actually looked like a Bearish event on the markets as July 23rd so it's this little green candle Right here and folks we saw a pretty
Significant decline eth fell about 40% In 2 weeks that's exactly what I Predicted I said eth was going to fall For about 10 to 14 days whether 14 Trading days or 10 trading days we Weren't exactly sure and then eth was Going to start its recovery and almost To the tea eth started to bounce on the 14th day how did Dey make that Prediction I just looked at the Bitcoin Chart now with the Bitcoin ETF launch And the ethereum ETF launch it looks Very very similar you get some crazy Wicks the day it launched and then you Got a lot of red candles and then it Found a bottom literally two weeks later So this launched on the 11th and this Fell 12 days but then Bitcoin had a Massive pump what kind of pump would That look like if it happened to Ethereum if we were to say this was the Bottom so let's measure the pump for Bitcoin and then it's going to give us Our prediction for ethereum now Bitcoin Pumped over the next 51 days 90% so what Does ethereum look like with a 90% pump Over about 50 days over $4,000 ethereum is about 4,000 and some Change 4,000 very strong psychological Level for ethereum and so that means We're going to be retesting the previous Local high that we saw in the beginning Of March first couple weeks of March so That is my prediction I think we're
Going to hit 4,000 ethereum's going to Have to trade sideways for a while there Is a very strong psychological level but That's when we start to see the breakout I predict a very very very strong rally Well ethereum went from July in 2020 Sitting there right around $200 and it Pumped all the way up to look at that $ 4800 with a 1700% pump now I don't think we're going To get a 17 18x or anything but I do Think $110,000 ethereum is possible this Cycle so that' be a nice 2x from the Previous all-time high so that's roughly What I got but expect a pump expect that Pump to last maybe about a month a month And a half and I predict eth to start Trading sideways at $4,000 so all these F moners are out there saying ethereum Is dead ethereum's finished there's no Way sell your ethereum now I disagree Folks I think eth is far from finished Won't be the last time we start talking About this coin this cycle and I'll see You in your eth bags with your cheap Guay at the top
