Although one would anticipate that the price of ETH should increase given that the supply has decreased by over 5,500 since last Saturday, for some reason, ETH prices haven't exactly seen the coresponding price boost despite lowered supply.
Why hasn't this had a beneficial effect on the price of ETH?
I think it's only natural that the price of Ethereum coin does not increase in price even though it has recently reduced supply because at this time we are still in a bear market which makes many investors panic in the market and they decide not to rush to invest their funds in times like this , so it's not surprising to see when the bear market comes, many coins experience a decline in price even though basically these coins are very promising for the long term.