🚀Ethereum network is active after Dencun is deployed, but ETH price is at risk of correction.

Dencun is the most complex hard fork to date, aiming to reduce transaction fees on Ethereum-based layer 2 networks through a proto-danksharding mechanism.

🔹After Dencun was successfully deployed, the total ETH supply continued to decrease, reaching its lowest level since August 2022. Total ETH supply currently stands at 120.09 million, down to a 7-day average of -5,000 ETH.

🔹This reduction in total supply is attributed to the burning of high Ethereum transaction fees. The number of daily transactions skyrocketed to levels not seen since May 2023.

🔹However, despite positive on-chain indicators, ETH still faces the risk of a price correction. Analysts say ETH price is at its most expensive since December 2021, indicating the risk of a price retreat.

🔹Meanwhile, ETH price is down more than 6% over the end of the work week and is trading below $3,700 at the time of writing.