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Monday, August 15, 2022

Ethereum Inches Closer To $2,000 Price Mark with Unprecedented Pace

The on-chain, as well as the trading metrics, suggest a slight drop in Ethereum price. On the other hand, it is a good opportunity for interest investors to purchase ETH coins before it reaches $2,000.

At the first hours of 15th February, Ether’s price had taken a sharp plunge to almost $1,660. After that, it successfully managed a recovery of 9% in a span of 10 hours.

Positive Price Forthcoming For Ethereum

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The activity of positive movement of Ethereum was activated the $280 million for their liquidations of the futures contracts and indicate enormous leverage from the longs.

Even though the preliminary anxiety about the CME of ETH futures was introduced on 8th February, it appears to have lost the charm and sustained the extra transaction fees that may have weakened the confidence of the investors.

However, the fundamentals at the back of Ethereum seem strong and suggest their price must quickly recover from the ultimate dips.

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Although the metric above may be understood in a positive way, not all users are able to buy ETH at a fee of $12. A simple swap of the token on the decentralized exchanges might cost several hundred dollars for gas fees, except the small traders have no option other than to abandon this network and opt for another feasible one.

While there has been no consensus among the analysts for the price impact on short-term exchange withdrawals, their effect will definitely be bullish or neutral. The opposing movement along with big continuous inflows will absolutely be bearish, indicating the willingness of the holders to sell.

The present $1,870 ETH reveals the confidence of Ethereum holders. In addition, there are positive signs of ETH reaching the $2,000 mark very soon.

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