Ethereum share came from Binance CEO CZ, who is known for making 4 against the FUD news in the crypto money industry.
Citing Nansen's post that the number of locked ETH on the Beacon chain has risen to an all-time high, CZ made a good comment for investors and ETH price.
According to data shared by cryptocurrency analytics platform Nansen, the amount of Ethereum tokens locked as of May 9 has exceeded 19 million ETH, reaching ATH.
Implying that the record breaking of the number of locked ETH could potentially support the Ethereum price, CZ included the following statements in his post:
"The price of locked ETHs made ATH. Do you know what's next?"
Locked ETH at ATH. You know what follows? https://t.co/3xS8OoCfT9
— CZ 🔶 Binance (@cz_binance) May 11, 2023
Although CZ did not say anything clearly about the ETH price expectation, this post of CZ was interpreted as a possible signal in Ethereum price.
Because there is a positive connection between Ethereum price and the number of locked ETH. ETH price increases as the number of locked ETH increases. Because as the number of locked Ethereum increases, the number of ETH in circulation decreases, which positively affects the price.
Continuing its rise since the beginning of 2023 to $ 2,140 on April 16, Ethereum continues to be traded at $ 1,814 at the time of writing, with the declines it experienced.
*Not investment advice.
