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Ethereum Miners Balance Tripled To 243.12K ETH: Will ETH Price Rally Hit $5000!

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    Ethereum miners holdings have skyrocketed to 243.12K in August essentially tripling from 81.512 ETH.

    Compared to Bitcoin, Ethereum’s price rose by 7.55% to close the previous month trade

Although there are some prominent cryptocurrencies out there competing with Bitcoin to achieve the high market share, none of them succeeded but one of course named Ethereum, which holds the second position in terms of market share and popularity is making its way to rule the crypto space.

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The investors seem to be very optimistic about the ETH price rise in the near future. As no one is ready to make a move! Surprised! Yes, as per the recent reports of Glassnode, a crypto metric platform, a number of addresses holding 100+ coins hit 3-months ATH of 42,894. ETH addresses holding 0.1+ coins reached an ATH of 5,568,571

In addition to this, a report from Santiment stated that Ethereum Miner balances have shot the stars in August. Tripling to 243k ETH on 31st August 2021, indicating the level of confidence on recent projects of the Ethereum network. Interestingly this is occurring after its recent success on London Hard Fork Upgrade or EIP-1559 upgrade.

Previously each time miners hold their balance collectively, there is a rise in the Ethereum price and market share. ETH miner balances rallied to 1.69 million in January 2021 from 2020’s November low of 1.64 million. Showcasing the confidence on the platform, the Ethereum price rally intensified to hit ATH of $4362 in May.

The Ethereum price was trading at $3524.57 USD at the press time, with a jump of 8.99% in the last 24 hours. Yes, a  report from CryptoCompare, a crypto metric platform reported  Ethereum ripped BTC, by rising 7.55% yesterday to hit $3418!

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Analyzing the present chart, ETH price was trending in a parallel channel & broke the resistance level at $338. Even RSI which was following a downtrend breakthrough and is at 66.73 hinting at the ETH price rally. Considering all the developments the price is could hit $4000 anytime from now, and $5000 looks imminent in September 2021. 

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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.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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