Days after the London Hardfork went live, Ethereum (ETH) sees its price spike as the second largest cryptocurrency becomes deflationary due to this upgrade.
ETH is up 16.52% in the past seven days to hit $ 3,228 during intraday trading CoinMarketCap.
Ethereum whales are not giving in on their pursuit of accumulation as addresses with more than 100,000 coins now hold 43.7% of the ETH supply, as confirmed by Santiment. The provider of on-chain metrics explained:
“Ethereum whale addresses are not stopping their piling up as prices fluctuate above $ 3,100. As of three years ago, addresses with 100,000+ ETH owned 35.8%. Today they own 7.9% more of the total second market cap supply. There are 1,338 such addresses. “
These statistics show that the accumulation of Ethereum whales is on an upward trend, as they owned 35.8% of ETH supply three years ago, compared to 43.7% now.
Is Ethereum Chasing the $ 4,000 Level?
To to the market analyst Ali Martinez:
“IOMAP shows Ethereum could rise to $ 4,000 if ETH manages to close above $ 3,235. A rejection of this supply barrier could lead to an increase in selling pressure, which pushes ETH to USD 2,700. “
Martinez believes a run to the $ 4,000 mark is relatively open as Ethereum is currently in the zone it needs to break to achieve more upside momentum.
On the flip side, Ethereum options have recently piqued interest swollen to a two month high.
ETH was recently topped up following the introduction of the London Hardfork or EIP 1559, as a basic fee is set for every transaction carried out. As a result, giving everyone a fair chance.
Additionally, users who may wish to complete their transactions faster than the standard network policy can tip reviewers to speed up their transactions. Part of that tip is burned, which is helping to improve the overall monetary policy of the Ethereum network and make it deflationary.
With open interest from ETH options of more than $ 4 billion, it remains to be seen whether this will boost Ethereum’s journey to the $ 4,000 level.
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