Ethereum price is coiling up after tagging a crucial psychological level. Traders can expect Ethereum price to shoot higher as the overall cryptocurrency market remains optimistic. In a highly bullish case, the second-largest crypto will likely set up a new all-time high.
According to a rekt capital on-chain expert, ethereum must now overcome the final big resistance before reaching new All-Time Highs.
Santiment further claims that the Exchange supply has decreased from 27 percent to 17 percent after March 15, 2020. Price has increased by 3,447 percent.
In terms of Glassnodes’ chain analysis week, Transaction counts for Ethereum are down 33% from their highs, with counts falling to roughly 1100k per day over the course of this week. Although the number of transactions and active addresses has decreased, the amount of fees paid has increased dramatically. This is most likely due to the high demand for NFT trading and investment, at least in part.
Also, the Non-zero Ethereum address numbers are also on the rise, reaching a record high of 60.7 million addresses.
ETH Deflationary Day!
The quantity of ETH burned on September 3 exceeded the amount of ETH issued as block subsidies for the first time since August 5, when the London hard fork was enabled on the Ethereum mainnet and EIP-1559 went live.
Overall, Despite outperforming Bitcoin in the last week and month, Ethereum is on course for more price gains in the near future. The coin has become a deflationary asset as a result of the London Hardfork, with nearly half a billion Ethereum tokens burned thus far.