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Ether (ETH), the second-largest cryptocurrency, has experienced a notable increase in its circulating supply recently, which could potentially influence its price based on the principle of supply and demand.

Data from ultrasound.money reveals a substantial addition of 16,411.40 tokens to Ethereum’s circulating supply over the past week. On August 25th, the supply of ETH was 120,308,385, rising to 120,324,796 by September 5th. The data also indicated around 92,000 ETH burned annually.

It is important to note that the total ETH tokens issued in the past week amounted to 18,175.27 ETH, while the total ETH burned reached 1,764.05 ETH. The website recorded a growth percentage of 0.71%, with 984,000 ETH issued yearly.

Ether Price Analysis

According to the data from CoinMarketCap, Ether briefly reclaimed the $2,400 price level in the past 24 hours and is up 0.52%, trading at a price tag of $2,389.36. The cryptocurrency initiated the daily candle at $2,377 and reached a daily high of $2,486. The daily low for the cryptocurrency stands at $2,370.98.

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ETH is down 6.41% over the past week but is up 9.22% in the past 30 days. Since September 2023, it has gained 47.67% but remains 51.06% below its all-time high of $4,891.70, reached on November 16, 2021, during the previous bull run.

The chart from TradingView illustrates that ETH accumulation has decreased despite the approval of spot ETH exchange-traded funds (ETFs) earlier this year. The volume for the digital asset is also low.

The Relative Strength Index (RSI) for the cryptocurrency reads a value of 37.73 which confirms that the bears are in control of the ETH price action and lower prices are possible in the short term.