Ethereum's recent upward move has lost steam as traders lock in profits and on-chain activity remains subdued, according to a weekly market outlook. After a strong two-week rally, ETH is now trading in a narrow range and struggling to break above key moving averages, with resistance levels holding firm.
At the same time, Cointelegraph data indicates that Ether's total supply grew by more than 20,125 ETH over the past seven days. This breaks the deflationary pattern seen after the Merge, driven by a lower burn rate as transaction fees and network congestion declined. The Ethereum network has not recorded a corresponding rise in daily active addresses, transaction counts, or gas usage, which suggests the price rally may have been fueled more by speculation than organic demand.
Analysts caution that a single week of net supply expansion does not confirm a long-term trend. The burn rate could recover quickly if DeFi or NFT activity spikes. With total supply still above 120 million ETH, the increase is modest, but investors should monitor network usage and burn dynamics for clues about Ethereum's next move. Key support rests near recent consolidation lows, while resistance sits at the highs of the prior rally.
