The Ethereum blockchain native asset broke its downward sloping resistance trendline to the upside, triggering a textbook bullish outlook.
Ethereum supply shock: Exchange ETH reserves continue to fall after a 26% drop in 2021
To date, 92,595 ETH have been burned following Ethereum’s London hard fork upgrade.
Ethereum ‘liquidity crisis’ could see new ETH all-time high before Bitcoin — analyst
It’s dog-eat-dog for the return to all-time highs between Bitcoin and Ethereum, the latest data suggests.
Ethereum network congestion temporarily shuts down crypto gaming casino
FunFair Technologies-owned KingTiger Casino is now on the lookout for new solutions for hosting “a new range of features and games” for its participants.
Bulls Take Over Market As Ethereum Price Surpasses $3,000, Why Rally May Continue
Ethereum has surged forward as London Hard Fork is up and running smoothly. Following the Hard Fork and the implementation of EIP-1559, the price of ETH has continuously run-up, as interest in the Ethereum network grows. The price broke $3K for the first time in over a month during the weekend, which saw the price of bitcoin surge past $44K. ETH price promptly followed the price rally.
Although the price of ETH has fluctuated following this, breaking back down below $3,000, the price has since recovered back up above $3,000. This shows the incredible hold strength being represented at this current price level. Hold sentiments continue to grow across the market.
Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes
Investors remain optimistic for the launch of ETH 2.0 which is scheduled to launch in 2022. Moving the network to a mechanism that sees the energy consumption of the asset cut down by 99.5% is a catalyst for a price surge. This would have solved one pain point for investors and miners alike in the market.
The price rally of Ethereum correlates with a price rally that is currently being experienced across the market. Coins are posting tremendous profit as the weekend closed to usher in the new week.
Ethereum Turning Deflationary
The proper launch of the EIP-1559 presents the asset with the ability to turn deflationary over time. ETH coins are being burned instead of being sent into circulation, which is effectively reducing the rate at which new ETH coins are being sent into the market. The London Hard Fork changes the monetary policy of Ethereum. Transaction fees are no longer being sent to miners. But are now being burned instead.
Related Reading | Why Another Wave Up For Altcoins Is Probable According To BTC Dominance
The burn rate for Ethereum currently sits at 2.73 ETH being burned per minute over the past hour. Since the hard fork went live, over 17,000 coins have been burned so far. This means that over $52 million worth of ETH has been burned out of existence. This number will only continue to grow with each passing minute.
The ETH burned would have been released into circulating, putting even more supply in the market, which would lead to less value for the coin. But since this amount is taken out of the equation, it slows down the supply of ETH into the market.
Related Reading | Ethereum Breaks 200,000 Validators Milestone, Over $14 Billion Now Staked In ETH 2.0
Speculations remain that the rate at which ETH is burned will probably be fast enough for the supply to slow down, giving demand for the asset to rise higher than supply. This, in turn, would make the digital asset more valuable.
ETH Price Looks Upward
ETH price continues to show indications that the price will keep going up. A good indication is a dip that pushed the price back down below $3K, which was then followed by a prompt correction back up above $3K.
Related Reading | Ethereum Set To Explode According To Market Dominance, Crypto Analyst
This indicates that the bulls still continue to have a chokehold on the price of Ethereum. As long as ETH maintains its current trajectory, then the digital asset will be set on breaking its all-time high of $4K.
Setting a new all-time high will see an influx of investors flooding back into the market. The trajectory from there would remain to see when the market moves into the extreme greed territory. But for now, the price of Ethereum has continued to hold through.
ETH price continues to surge upward | Source: ETHUSD on TradingView.com
At the time of this writing, ETH is currently trading $3,111, while the price of bitcoin continues to maintain momentum above $45,000.
Featured image from Dribbble, chart from TradingView.com
Ethereum could pave way for $100,000 Bitcoin, Bloomberg analyst asserts
“If Bitcoin were to catch up to Ethereum’s performance this year, the No. 1 crypto’s price would approach $100,000,” believes Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
Here’s what traders expect now that Ethereum price is over $3,000
ETH traders hint that the bull market could be back after Ethereum price hit $3,000 for the first time in 79 days.
Ethereum price soars above $3K into ‘red zone’ triggering sell-off fears
An on-chain indicator, notorious for accurately predicting Ether tops, returns amid the ongoing price rally.
Ethereum eyes 3-week winning streak vs. Bitcoin as BTC price drifts below $39K
Another comedown comes as bulls fail to recapture $40,000, adding to the curious contrast between spot price action and bullish on-chain metrics.
Analysts debate whether Ethereum’s London hardfork is a “sell the news” event
Analysts caution against a potential “buy the rumor, sell the news” pullback for ETH while historical data shows that the price tends to rise following major network upgrades.
3 reasons why Ethereum can hit $3K in the short term despite overvaluation risks
Ether risks bearish exposure as ETH’s price rises against falling volumes, but three crucial on-chain indicators suggest a dissenting scenario.
Ethereum price can hit $14K if the March 2020 chart fractal holds
One trader spotted the fractal, which employs three classic technical indicators to predict an upside trend for Ethereum.
Ethereum pares gains, Bitcoin pushed under $40K as Fed set to reveal tapering plans
The two cryptocurrencies appear directionless after correcting in sync lower from their monthly highs.
Ethereum eyes rally to $3K, with 39% ETH price rebound triggering a classic bullish pattern
A falling wedge setup, as well as a rumor of Amazon preparing to accept cryptos, also boosts Ether’s upside appeal.
16% Ethereum price rebound activates a classic bullish pattern — $2.5K next?
The cryptocurrency market recovered on Thursday after renewed endorsements from Elon Musk at the ‘B’ Word Conference Wednesday.
Decoupling ahead? Bitcoin and Ethereum may finally snap their 36-month correlation
Bitcoin and Ethereum have been majorly trading in sync since 2018, increasing risk exposure of crypto-only investment portfolios.
Ethereum bounces but ETH price in danger of turning $2.3K into new resistance
The Federal Reserve chairman sidelined inflation concerns, which appears to have coincided with a relief bounce for Ethereum.
Ethereum price dragged down below $2K as US inflation hits highest level since 1991
The second-largest cryptocurrency sells off in line with Bitcoin as traders assess the latest U.S. inflation data.
Bitcoin trader eyes US dollar for BTC price breakout cue, Ethereum clings to $2K
No sign of a breakout as $33,000 becomes resistance overnight and altcoins trade mostly flat as a result of BTC price weakness.
Bitcoin battles $35K as traders agree volatile BTC price move incoming
Bulls may not have long to wait before BTC price action sees its next leg up, traders suggest, with $35,500 in focus for a breakout.