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Tuesday, June 28, 2022

Three reasons why Ethereum price is on the brink of breakout to new all-time high

  • Ethereum whales have accumulated $3.3 billion worth of ETH tokens over the last two weeks, fueling a price rally. 
  • FTX exchange has expanded its marketplace to allow users to buy, sell and display Ethereum NFTs. 
  • An Ethereum developer has called users to contribute to the “merge” by getting involved in testing. 
  • Analysts are bullish on Ethereum price as the altcoin inches closer to its previous all-time high. 

Ethereum is inching closer to the “merge,” or the transition from “proof-of-work” to “proof-of-stake,” and developers have invited the community to contribute. Ethereum is closest to its previous all-time high, awaiting a trigger to break into a price tally. 

Ethereum price heads to a new all-time high as “merge” draws closer

Ethereum whales have accumulated the altcoin for over two weeks now. Whales collected a total of 734,800 Ethereum tokens, contributing to a shortage in Ethereum supply. 

Whales have accumulated 0.59% of ETH supply within 12 days 

$4.9 billion worth of Ethereum has been burned so far since the implementation of EIP-1559 in the London hard fork. Burn combined with accumulation by whale wallets has created a shortage in Ethereum’s circulating supply, fueling a bullish narrative. 

FTX, the crypto derivatives exchange, has expanded its marketplace. The exchange now allows users to buy, sell and display Ethereum NFTs on its platform. 

Ethereum developers have invited the community to participate in the transition process as the altcoin migrates to a “proof-of-stake” consensus mechanism. 

Proponents have predicted a bullish breakout equivalent to three Bitcoin halvings in Ethereum price. Ethereum price is on track for the event called “Triple Halving.”

@BigCheds, a cryptocurrency analyst, believes that the only thing keeping Ethereum price from hitting a bullish target of $10,000 is the unsolved bearish divergence on high time frames. 

FXStreet analysts have evaluated Ethereum price and predicted that $5,000 is in sight as the altcoin breaks all resistance barriers. 

 

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