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

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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.

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!

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. 

The Blogger Scientist is a "Medical Physiologist" and a "Financial Asset" Content Creator who aims at enlightening web reader on varying Financial Assets such as Stocks, FX, Crypto, MLM,. HYIP among others.

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