Will this positive Ethereum [ETH] observation boost its short-term outlook

Investors have had a close eye on Ethereum’s [ETH] performance since the much-talked about Merge. The key point of interest being an assessment of whether network demand or utility would deteriorate, return to normal, or rise to new highs. Here’s AMBCrypto’s price prediction for Ethereum [ETH] for 2022-2023 Ethereum’s performance in the last few weeks […]

This observation suggested that Ethereum’s utility in DeFi witnessed a significant uptick. Furthermore, numerous other observations highlighted a similar outcome. For example, the supply of ETH locked in smart contract just achieved a new monthly high at 28.04%.For context, the total supply locked in DeFi dropped as low as 25.3% at the height of the Merge. Similarly, the total value locked in

saw a strong surge in the last two weeks. It grew from a monthly low of $71.55 billion in October to over $80.2 billion this week.The latest bullish wave contributed significantly to the amount of ETH locked in DeFi in ETH 2.0. A strong spike was also observed in ETH 2.0 new deposits at the start of the week. However, the pace at which new deposits were coming in dropped, depicting a tapering bullish momentum.Regardless of the drop in the pace at which new ETH 2.

Furthermore, an increase in ETH’s relative strength was also witnessed in the last two weeks. More importantly, the price managed to recover back above $1,600 and had a $1,620 press time price.ETH demonstrated an affinity for the upside in the last two weeks and the same theme continued this week. This was accompanied by limited sell pressure. This may also have some relation with the fact that ETH still wasn’t overbought and was relatively close to its lower range.

. However, this is not necessarily a guarantee since the retail market still has the biggest impact on ETH demand.Subscribe to get it daily in your inbox.

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