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Ethereum surged 50% in just two weeks, rekindling investor interest after a relatively quiet period. Nevertheless, at a price of $3730, it is still 23% lower than its all-time high of November 2021. The price targets indicated now could potentially double its current value. Is the best time for the second-largest cryptocurrency still ahead? Currently, all data suggests that the rebound may have just begun.
Despite a recent rise, ETH seems to still lag behind the broader market sentiment. Currently, over 34 million ETH have been staked, accounting for 28% of the total supply of 12.07 million. This means capital is being locked up for the long term, reducing circulating supply and indicating strong investor confidence. With 28% of ETH staked, exchange balances have dropped to their lowest level since 2016, and new buyers are flowing in at an accelerating pace.