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 <h2 id="ethereum-staking-makes-new-ath">Ethereum Staking Makes New ATH</h2> 
 <p><span style="font-weight: 400;">Investors, eyeing a 3.29% yearly yield, have staked these tokens expressing their faith in the Ethereum network. Even if they can’t make short-term sales, </span><span style="font-weight: 400;">investors</span><span style="font-weight: 400;"> are ready to lock up substantial amounts for returns.</span></p>  
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 27,407,435 ETH</p> 
  <p>View metric:https://t.co/SzbMPqvhlb pic.twitter.com/GDUfBsMe58</p> 
  <p>— glassnode alerts (@glassnodealerts) August 14, 2023</p>  
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 </blockquote> 
 <p></p> 
 <p>&nbsp;</p> 
 <p><span style="font-weight: 400;">Additionally, there’s been a notable uptick in the Ethereum Name Service (ENS) fees. On August 13, the ENS </span><span style="font-weight: 400;">accumulated</span><span style="font-weight: 400;"> a record-breaking $235,000 in fees. It’s the highest in almost a year since September 11, 2022. </span><span style="font-weight: 400;">Ethereum Name Service (</span><span style="font-weight: 400;">ENS</span><span style="font-weight: 400;">) was up 0.18% from its 24-hour low of $8.93 at press time. ENS market cap and 24-hour trading volume rose 0.05% and 16.87% to $265,548,681 and $6,149,789 during the recovery.</span></p> 
 <p><span style="font-weight: 400;">This surge indicates a growing demand for these unique Ethereum domains. Consequently, crypto journalist Colin Wu says these personalised addresses, simplifying complex blockchain codes, have crossed the 2.6 million mark.</span></p> 
 <h2 id="b-ethereum-s-burn-rate-slumps-b"><b>Ethereum’s burn rate slumps</b></h2> 
 <p><span style="font-weight: 400;">However, the burn mechanism of </span><span style="font-weight: 400;">Ethereum</span><span style="font-weight: 400;">, viewed by many as a counter to inflationary pressures, is showing signs of cooling. On August 12, Ethereum saw a 570.54 ETH burn rate, close to the previous low of 498.16 ETH in October 2022.</span></p> 
 <p><span style="font-weight: 400;">Moreover, a deeper </span><span style="font-weight: 400;"><a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a></span><span style="font-weight: 400;"> reveals a significant movement from Ethereum’s Layer 1 (L1) to Layer 2 (L2) alternatives like Arbitrum and Base. These solutions manage transactions outside the main chain, reducing the burden on Ethereum’s mainnet. As a result, the number of transactions contributing to Ethereum’s burn rate has decreased.</span></p> 
 <h2 id="b-eth-usd-technical-analysis-b"><b>ETH/USD technical analysis</b></h2>  
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 <p><span style="font-weight: 400;">Ethereum (ETH) has been under bearish pressure in the previous 24 hours after bulls failed to break the $1,859.92 barrier. Bulls, however, halted bear reign as ETH traded at 1,850.38, up 0.09% at press time. Despite this short-term decline, ETH remains over $1,800, indicating strong market buying.</span></p> 
 <p><span style="font-weight: 400;">The trading volume of ETH increased by 97.46% to $4,138,397,065 while the market capitalization decreased by 0.12% to $221,859,615,533, indicating that while some investors are cashing out, many are </span><span style="font-weight: 400;">actively</span><span style="font-weight: 400;"> trading and trust in the ETH’s potential.</span></p> 
 <p><img decoding="async" class="size-full wp-image-156604" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20705%20542'%3E%3C/svg%3E" alt="ETHUSD Price " width="705" height="542" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/15/ca435c7a9993fb78a20141be7191b04e.webp"> 
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 <p><span style="font-weight: 400;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;ETH/USD price chart (source: </span><span style="font-weight: 400;">CoinMarketCap</span><span style="font-weight: 400;">)</span></p> 
 <p><span style="font-weight: 400;">Besides technical shifts, the Ethereum space faces challenges from dwindling institutional interest. These institutions, with their vast financial clout, drive the burn rate. Without them, Ethereum’s burn rate might remain substandard.</span></p> 
 <p><span style="font-weight: 400;">While Ethereum remains a dominant force in the crypto world, these recent trends warrant close monitoring. The blend of record staking, surging domain fees, and a diminishing burn rate presents a complex picture for investors and enthusiasts alike.</span></p> 
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Ethereum Shines As Staking Hits All Time High, ENS Fees Surges

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