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ETH Price set to Retest $3,300! Ethereum Remains Unchanged Despite Exploitations

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The Ethereum blockchain recently split in two due to exploitations induced by a consensus flaw on the network’s nodes. However, the price action has remained largely unaffected.

Over the previous 24 hours, ETH traded in a range of $3,217.40 to $3,284.85, exhibiting minimal volatility. The trading volume has declined by 16 percent to $14.95 billion, while the total market capitalization has remained stable at $380.6 bill

Ethereum price is approaching $3,300 once more, indicating that bulls are preparing for another attempt at a breakthrough.

In the last few weeks, the price of Ethereum has struggled to achieve new highs. Bulls exhibited weakness after reaching the $3,300 resistance on August 14th after a series of slightly higher highs. 

Over the weekend ETH is expected to retest the $3,300 level. A clear break above the level can potentially pump the rally further to new local highs.

Exploit Effects

Even while the price of Ethereum was mostly unaffected by the incident, it’s worth noting that the state of a few on-chain measures did somewhat deteriorate. 

To begin with, the percentage of active addresses has dropped from 0.84 percent to 0.82 percent in the last day. Similarly, in the same one-day period, the number of transactions fell from 1.13 million to 1.008 million.

Additionally, on the 27th, the gas fee was significantly higher than usual, increasing unfounded doubts about Ethereum’s overall utility.

 As a result, one of the key goals of the London hark-fork was to lower gas prices. However, based on the blue spikes seen over the last day, it’s reasonable to predict that stabilisation will take a little longer than expected.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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