Ethereum $ETH Is Maintaining a Consistent Uptrend
- Standard Chartered released a report entitled Ethereum Investor Guides that the asset could potentially reach a price of between $27k and $35k.
- ETH’s price fell by around $900, or 25%, in a matter of hours.
- Even though the survey item circulated for several days through cryptocurrency news sites and Ethereum-focused organizations, the document’s release date coincides with the severe flash collapse on September 7th.
Standard Chartered released a report entitled Ethereum Investor Guides in early September, just a few weeks after August’s EIP-1559, stating that the asset could potentially reach a price of between $27K and $35K. Even though the survey item circulated for several days through cryptocurrency news sites and Ethereum-focused organisations, the document’s release date coincides with the severe flash collapse on September 7th; ETH’s price fell by around $900, or 25%, in a matter of hours.
However, it was the claim that Ethereum (ETH/USD) is set to exceed Bitcoin (BTC/USD) in the following months that piqued my curiosity (ETH to BTC ratio predicted in the paper at 0.16 with the current ratio at its lowest since August).
With the ETH/BTC trading at its lowest point in many weeks. We have already a feel about what may happen in this combination. We should wait for another daily candle to close above 0.683 (the top of last Wednesday’s red daily candle) before considering a prominent position. This level of 0.682-0.683 is comparable to 0.65 from 5 months ago.
ETH Properties
- That total quantity of ETH traded on exchanges is at its lowest point in years.
- On some days, ETH was a deflationary currency.
According to EIP-1559, many coins were destroyed than were minted, with the melting rate increasing.
- Settings for ETH2.0 have exceeded 7.95 million ETH. They are potentially freezing roughly 7% of the available supply until ETH 2.0 is made public. They are removing yet another piece of collection from the market.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
