600,000 ETH Burned – Could Price Breakout Near $ 7,000 Be Possible?

The second largest blockchain by market capitalization, Ethereum, is preparing for the Altair upgrade on October 27th.

In addition, Ethereum has set another attractive milestone.

600k ETH was burned

follow notification by KOL Lark Davis, Ethereum has burned over 600,000 ETH (over $ 2,428,866,000) at the time of going to press due to the EIP-1559 mechanism.

As previously reported, the ETH burning mechanism makes these altcoin scarcer and therefore more valuable. This should help the ETH price develop better in March 2022 than in March 2021.

Regarding other developments in the coming year, it should be noted that Ethereum’s difficulty bomb has been postponed to June 2022. New ETH developer Tim Beiko called:

“We’re postponing the bombshell to June 2022 … If the merge was done sooner, we could do it sooner. Of course, the deadline can be extended if not ready. We will make a decision in February. “

Developer location

Trent Van Epps, an ecosystem member of the Ethereum Foundation, featured an image to help users better understand where they are on the Ethereum roadmap. At the time of writing, some ETH clients have migrated to post-merger devnets after various merge events.

Uniform timetable | The source: Trent Van Epps

However, when it comes to Ethereum’s gas fees, Van Epps is suppose i think EIP-1559 does not increase the fee. Instead, the “unprecedented NFT demand for block space” is to blame.

However, preparations for the Altair upgrade appear to be underway, with more than half of the ETH nodes (62%) is ready for October 27th.

In addition, there are 555,943 active ETH addresses at the time of writing.

The source: Etherscan

ETH price

With Bitcoin hitting a new ATH of over $ 67,000, market watchers are now waiting for the world’s largest altcoin, ETH, to achieve similar results. The price is currently challenging the upper trendline of the horizontal channel and anticipating a 60% increase from the breakout point, bringing ETH close to $ 7,000.

However, a failed breakout attempt could push ETH down. The bearish divergence of the RSI and MACD suggests more danger if the bulls fail to convincingly break the $ 4,400 mark. At the time of writing, ETH is trading at $ 4,133, up 3% over the past 24 hours.

Daily ETH / USD Price Chart | Source: TradingView

ETH’s three highs at USD 4,300 and the three lows at USD 1,700 indicate a horizontal channel on the chart. ETH has been trading in this pattern since the beginning of May and is reversing after it has reached the upper / lower limit.

The bulls have held course above the center line of the channel since August 4th. An inverse head and shoulders pattern is also forming above $ 2,700 which is about to break out and which may have risen 58% based on the pattern’s highs and lows.

However, a closer look at some of the indicators reveals a rather chaotic picture. For example, the RSI made 4 lower highs from the beginning of May to the end of October and showed a slight downward deviation from the price movement of ETH.

Such lower peaks can also be seen in the MACD histogram. Accordingly, if the RSI and MACD do not break their upper trendlines, ETH will struggle to break the $ 4,400 mark and get back to the midline at $ 2,700.

However, cops have the upper hand on the Awesome Oscillator, which signals no such threat. The likelihood of spike above $ 4,400 is high and could even change once the broader market becomes risky.

To sum up, ETH is expected to break out of the horizontal channel in the next few months and aim for $ 6,500. However, if RSI and MACD stay capped below the upper trendlines, a 35% decline to $ 2,700 is likely.

You can see the ETH price here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

According to AZCoin News

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page