ETH(Ethereum)24h up 2.00%

Gate News Bot message, December 08, according to CoinMarketCap data, as of press time, ETH(Ethereum) is currently trading at $3,109.33, up 2.00% in the past 24 hours, with a high of $3,238.56 and a low of $2,720.44. The 24-hour trading volume reached $21.984 billion. The current market cap is about $375.281 billion, an increase of $7.356 billion compared to yesterday.

Ethereum is a leading platform for innovative applications and blockchain networks. It provides infrastructure for decentralized applications (DApps), supports smart contract development, and has a large developer ecosystem. ETH is the native token of the Ethereum network, used to pay transaction fees and for other network services.

Recent important ETH news:

1️⃣ Exchange ETH holdings hit all-time low The amount of ETH held by centralized exchanges has dropped to 8.7%, the lowest since the network launched in 2015. Since the beginning of this year, exchange ETH balances have decreased by 43%, mainly flowing to staking, restaking, Layer-2 networks, digital asset treasuries (DAT), and long-term custody. This unprecedented supply squeeze could lead to a rise in ETH prices.

2️⃣ Institutional investors continue to increase ETH holdings The total holdings of Ethereum treasury strategy firms have reached 6.47 million, accounting for 5.35% of the supply; the total holdings of Ethereum ETFs have reached 6.31 million, accounting for 5.22% of the supply. The continued accumulation by institutional investors indicates confidence in ETH’s long-term value.

3️⃣ On-chain gas futures market demand increases Ethereum co-founder Vitalik Buterin stated that a reliable, trustless on-chain gas futures market is needed. Although current gas fees are low, many are concerned about fee trends in the coming years and question whether measures such as increasing the gas limit, BAL, ePBS, and subsequent ZK-EVM can maintain low fees. A robust on-chain gas futures market could help address these concerns.

From a technical perspective, ETH prices have shown volatility over the past 24 hours, repeatedly breaking through the key resistance levels of 3,000 and 3,050 USDT. In the short term, market sentiment remains cautious, and investors should closely monitor the resistance around 3,100 USDT.

This message is not investment advice; please be aware of market volatility risks when investing.