Ethereum Struggles to Break Above $2,000 Amid Investor Appetite

Ethereum's scarcity narrative has been on full display as it trades just below the $2,000 psychological resistance level. This is a price point that Ethereum previously broke above in May, but recent attempts to clear this level have been met with selling pressure.

The U.S. spot ETF Ethereum flows measured $53.75 million in net inflows on August 4, which could help usher ETH back above $2,000 if investor appetite continues.

Developers recently proposed EIP-8361, a draft that introduces a mechanism called tapered issuance burn, which would automatically burn a growing share of those rewards as the share of ETH staked increases. However, it's still an open draft and not yet implemented.