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Sunday, December 4, 2022

ETH Eyes For 35% Rise

Ethereum has hit a high of $197 in the past week and has since fallen to $178. The price of Ethereum is up 23% since this time last month, but it’s still trading at a significant discount to its all-time high from January 2018. According to data from Etherscan, over 6,000 Ethereum was burned within just one week. In the past seven days, Ethereum has seen 6,000 Ethereum get burned. This is according to data from CoinMetrics.io, which stated:

  • “The total number of daily burns has been increasing since their start on March 19th and reached a maximum level on April 4th with 1K Ethereum being burnt each day at a value of $1.3Mn USD per day since March 19th.”
  • “Burns has been averaging 2K-3K Ethereum per day over this time period (with exceptions).”

The amount of Ethereum that was burned within the last seven days sat at just under 6,000 ETH, which is equivalent to over $300,000 at press time.

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The gas price increased from $0.47 to around $0.51 in seven days as well. The increase in gas price coincided with a decrease in supply of ether (Ethereum), as seen by an increase in transactions per block on the Ethereum blockchain and an overall drop in circulating supply over the same period.

The number of daily transactions has been on a steady rise since mid-2019, when transaction volume averaged around 2 million per day according to bitinfocharts data. However, there were two peaks in July: one on July 16th (3 million) and another one three days later (3 million).

This coincides with twice as many blocks mined during this period than usual—which means twice as much Ether being rewarded via mining fees for each block—and could explain why so many people were trying to send their assets out of wallets like MyEtherWallet or Trust Wallet.

ETH Hoping For Better Days

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Ethereum is rising. Between Tuesday and Thursday of this week, the cryptocurrency’s price rose by more than 30 percent and hit a new 2019 high of $160 (in U.S. dollars). At the time of writing, Ethereum was trading at around $150, while its market cap was larger than that of bitcoin cash, which had been leading in terms of daily gains up until now.

The rally is part of an extended bull run for Ethereum: Since mid-February, Ethereum has risen by over 50 percent—more than any other major cryptocurrency during this period—and it’s currently experiencing its second longest streak without dropping more than 10 percent since early February 2019 (the longest streak lasted for 35 days).

This long-lasting uptrend indicates that there may be more upside left for Ether investors to take advantage of before the year ends or if another significant correction occurs again during Q4 2022.”

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