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Finally, on September 1, 2021, the most legendary event from the partners started and the price of Ethereum is like Wow.
It just looks like the calm before the storm is over for ETH as the price is trending higher. The protocol revenue for ETH is improving as ETH price is breaking past $3, 500.
Community members feel a flippening is inevitable. A lot of hands are changing between the ETH/ETH pairs. Traders are feeling happy as the price broke resistance. Some feel Ethereum’s price action is eerily similar to Gold in the mid-1970s. Though clearly, the returns are not to scale.
As the price of ETH hit a new high, the proportion of miner fees is gradually increasing, indicating that the activity on the chain is in a high boom stage, and the NFT boom is gradually an important reason for the increase in activity on the Ethereum chain.
Greed sounded like: Had this 4k peak earlier before the crash. Now its 3680 again. And it’s only going up. Should reach 9k, another 33% correction to 6k, and then go all the way up to 20K.
Previously it was stated, ETH has formed this BEAUTIFUL uptrend channel since early 2020. If ETH retest the upper resistance line of this trend channel by Q1 2022, that will take ETH price up to $17,000 – $25,000 range, which is about 5X – 8X return from our current price.
It just looks like the Dominance of Ethereum in the cryptocurrency space is strengthening. The price touching fresh highs is promising for believers.
Reportedly, 62% of Ether Holders have held ETH for a year or more and about 31% hold for less than a year. As far as transactions greater than $100K over the past seven days, there’s been an aggregate total of $100K transactions adding up to $95.66 billion.
Now, Ethereum is in its best level against the USD and the BTC. Having logged in multi-month highs the rally is expected to continue. There is a renewed sentiment about the ETH uptrend.
Cardano is trending sideways and its market dominance is becoming a bit dull after ETH began climbing upwards.
Is this a result of the London Hard Fork, which introduced a protocol which burnt a fraction of its gas fees? Since the coming of the London Hard Fork on August 05, 2021, the Ethereum Improvement Proposal 1559 has removed 156,986 ETH worth over $555 million from the supply. Is the supply squeeze the reason for the price pump? We will wait and check the sustainability!
