Ethereum Hits All-Time High as Crypto Market Turns Bullish

Recently, the whole crypto community lit up with the news that Ethereum has once again secured a new all-time high by breaking the $4K resistance. But then, after this immediate news, there were rumors that the cryptocurrency might give in to market corrections and once again fall back, making $4K a valid resistance yet again for the cryptocurrency. But those rumors have now been deflated as the cryptocurrency has managed to secure yet another all-time high taking the overall value of Ethereum at $4,600, according to the data was provided by CoinMarketCap. 

Bitcoin, being the flagship cryptocurrency, is also on some kind of bullish streak as it has secured a $60K resistance line and is moving further by being traded at $62,930 at the time of writing. In the month of August, Ethereum developers eagerly updated the blockchain with the EIP-1559 upgrade, which enabled the burning of Ethereum tokens. 

Bullish Crypto Market

This might or might not have to do anything with the current all-time high or the performance streak on which the second-largest crypto is at the moment, but still, it was a very sought-after update that made Ethereum blockchain even more efficient. As the value for various cryptocurrencies continues to increase, these whales might start dumping their stash of Ethereum into the market to coin their profit of waiting for this wonderful opportunity all those months or years.  Another possibility is that these traders and investors might want to buy more Ethereum tokens in the event of breaking another key resistance and taking another all-time high by Ethereum in the upcoming months. The whale wallets have gone from 1 million to 10 million in terms of purchasing Ethereum, with only 13.9% of these tokens currently in circulation. This indicates that the overall availability of Ethereum at crypto exchanges is draining badly. It might do some good to increase the overall price of tokens, but eventually, the market corrections will catch up to the whole thing making it a dire situation not only for exchanges but for these whales and long-term investors.

Leave a Reply

Your email address will not be published. Required fields are marked *