Ethereum (ETH), the second-largest cryptocurrency by market cap followed Bitcoin’s (BTC) lead to post a new 3-month high of $3,354. The altcoin surged by 5% over the past 24-hour to record the new high and currently trading at $3,329.
The altcoin has managed to recover from its May-June crash quite rapidly which has been aided by the recently concluded London Hardfork. The hard fork integrated EIP-1559 on the Ethereum mainnet stabilizing the gas fee and also making Ether a deflationary supply. The ETH 2.0 staking contracts had already led to a market shortage of Ether while the burning of supply made it more scarce. The value of ETH held on centralized exchanges has dropped to a new three-year low as the price starts climbing up.
The net exchange flow for Ethereum (ETH) continues to be negative meaning traders are moving their holding away from exchanges.
The crypto market has seen a new stream of bullish momentum in August, nearly the whole crypto market has recovered more than half of its losses from the past three months. Three altcoins, Cardano (ADA), Solana (SOL), and Terra (LUNA) posted new ATHs over the past week. Bitcoin broke above $50K earlier today as the market sentiment turned green. Ether on the other hand has recovered similarly and currently looks set to retest its ATH.
Eth is currently 23% down from its ATH of $4,362 and the next immediate resistance lies around $3,500, breaking which there is little to no resistance for the second-largest cryptocurrency. Many market pundits believe the EIP-1559 implementation added with the ETH 2.0 upgrade, growing market demand, depleting exchange supplies and the market depth of ETH would help it reach a new ATH before Bitcoin.
A popular crypto analyst who goes by the name of IncomeSharks pointed towards the price pattern of Bitcoin and Ethereum and how the recent turn of events suggests the crypto market is entering another bull cycle. The account pointed that first BTC makes ATH followed by ETH and then Midcap altcoins.
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