Ethereum price is continuing to consolidate as it prepares to breach $4,000 and climb higher. The altcoin will likely maintain a bullish trend as bulls target the all-time high at $4376, which is nearly 11% above the current level.
For the past five days, Ethereum is in the overbought zone. at present ETH price is in the correction phase as the price fluctuates between $3,860 and 3,990. The altcoin will likely hit ATH if the price breaks the $3,990 level.
On the flip side, If ETH fails to break this level and selling pressure increase the price will fall to the low of $3,860. Ether will continue to fall to $3,780 if the current support is broken. Currently, the cryptocurrency is trading at $3,950.
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.