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Ethereum Price Strikes New Highs, May Hit $3K in Coming Weeks

Highlights

    Ethereum price sets a new ATH in the rarely hours of trading at $1459.93 in the rarely hours of trading

    The price is expected to rally further by hitting levels above $2000 initially and later may surge up to $3000

    The ETH staked on the ETH 2.0 platform has crossed the milestone of $4 billion with more than 2 million ETH.

The Ethereum price which was chasing the ATH at rocket speed successfully smashed all the barriers in forming a new one. In a remarkable recovery, ETH price jumped more than 42% in just a couple of days and hit new highs close to $1460. 

Interestingly, the ETH price rally is expected to showcase a similar momentum as the BTC according to a popular analyst Galaxy Trading. 

The analysts compared the rally of Bitcoin and Ethereum and found a similar pattern of consolidation and a major breakout. And if the ETH price follows a similar pattern as BTC price, then ETH may hit $2000 to $3000 in the coming weeks.

Moreover, according to other popular analysts, Lark Davis, the price is expected to double in the next two weeks. The ethereum balance on exchanges reached a 15-month low, however, withdrawals never slowed down. This might be one of the reasons analysts predict a price breakout in the coming days similar to bitcoin.

ETH Flows Out From Exchanges 

The ethereum price rallied hard, showcasing a possibility of a huge bull run in the coming days. Therefore, the holders are not just moving their ETH out of the exchanges into cold wallets or staking them on ETH 2.0 network. 

In a recent update, just before ETH initiated the rally after a massive drop close to $1000, a total of 660,000 ETH was withdrawn from the exchanges. As per the data posted by an analyst, Cactus, the ethereum moved from exchanges were flown to cold storage or staked.

Additionally, the worth of ETH staking on the ETH 2.0 beacon chain network has crossed the milestone of $4 billion. Therefore assisting the speculation done by the analyst, Etheruem is more and more staked on the network. Therefore pointing towards a possible major breakout anytime from now amid Ethereum price rally.

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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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