The rise in Ethereum over USD 2,700, not seen in two months, has excited the crypto community. The second largest cryptocurrency, however, had dropped to the $ 2,600 level during intraday trading, according to this CoinMarketCap.
On-chain metrics provider Santiment explained:
“Ethereum’s surge above $ 2,700 for the first time in 2 months has caused some signs of mass euphoria according to our data. We have seen that social volume plays a big role in terms of big peaks leading to highs lately and valleys leading to lows. “
In addition, this price increase triggered a strong dynamic on the futures market. Data analysis company IntoTheBlock specified:
“With the price of Ethereum surpassing the USD 2,700 mark for the first time since June 7, the derivatives market is showing strong momentum. Volume up, Open Interest Up and Price Up, we know what that means, right? “
Hence, this is an optimistic sign associated with a major upgrade in the Ethereum network. The London hard fork is scheduled to go into operation on August 5th. The London Hardfork is said to offer users more power due to a proposed base gas fee. In addition, the model to be introduced will be beneficial for miners.
26% of the ETH offer are tied to smart contracts
Documentation from Ethereum, a crypto data provider, accepted that 26% of the Ethereum supply was contained in smart contracts.
Smart contracts are blockchain-operated and are often in high demand in decentralized finance (DeFi) and non-fungible token (NFT) sectors.
ETH’s social volume climbed to an 11-week high, triggered by a significant increase in awareness and interest.
According to a recent analysis by IntoTheBlock, Ethereum is once again facing two major levels of on-chain resistance on its way to $ 3,000 as 1.19 million addresses 2.03 million ETH between the levels of $ 2,598 and 2,753 Bought US dollars.
With the London Hardfork set to go live, it remains to be seen whether this will spur a surge to the $ 3,000 mark.
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