Ethereum Price Rebounds After Brief Correction to $2155 Level

• At the time of writing, ETH is trading at $2251, up 0.71% in the last 24 hours.
• If the price manages to go above $2331 then it will likely test $2380 resistance level.

An unprecedented milestone has been reached by SOL, surpassing Ethereum in 24-hour decentralized exchange (DEX) volume the very first time since its inception in 2020. The Solana chain exceeded the Ethereum chain in DEX volume, according to statistics released by DeFiLlama on December 16.

The Ethereum rollup chain Arbitrum was down for a short while on Friday, but is now back up and working well. There was a network outage on December 15 that lasted little over an hour and affected the layer 2 scaling solution for Ethereum. According to an update released on the official Arbitrum Foundation account on twitter, the outage occurred because the Arbitrum One Sequencer stalled due to an influx of inscriptions.

Since the blockchain’s move from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) network, the supply of Ether has dropped to its lowest point.

The network has burned up a lot of ETH this week, reducing the total supply of the token. Statistics compiled by Ultrasound.money show that 31,829.06 ETH, valued at about $71.58 million, were burned in the last seven days. New coins totaling 16,535 ETH have been issued over the same time period.

Minor Correction Underway

At the time of writing, ETH is trading at $2251, up 0.71% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 28.73%. The price found support at $2153 on December 13, after making a failed attempt to clear above $2378 level.

Source: CoinMarketCap

However, ETH price rebounded from this support level. If the price manages to go above $2331 then it will likely test $2380 resistance level. Conversely, if the price manages to go below $2158, then it will likely witness more selling pressure in order to test $2079 support level.