Former Ethereum developer: Demand for stablecoins and three other catalysts support the potential rise of ETH

Gate News bot news, former Ethereum core developer Eric Conner recently pointed out that the price of Ethereum (ETH) has been consolidating in the range of 2400 to 2600 USD for several weeks, with a decrease in trading volume and subtle high and low points emerging. Long-term consolidation usually leads to significant fluctuations, so if ETH firmly breaks through 2600 USD, the trend could be rapid and intense.

Conner listed three key catalysts that support the potential rise of Ethereum:

1. Demand Driven by Stablecoins: Stablecoins continuously inject USD through Ethereum, with transfer volumes growing for 21 consecutive months, and the monthly transfer volume now rivals that of Visa. As an on-chain cash engine, stablecoins are driving sustained demand for ETH block space.
2. Strong Inflows into Spot ETF: The net inflow of spot ETH ETFs reached $1.17 billion in just June. Fund managers expect that by the second half of 2025, the scale of ETH ETFs will reach several times this level.
3. CEX Balance Hits Historical Low: The ETH balance on centralized exchanges (CEX) has dropped to only 9 million, the lowest level since 2015.