Three reasons why the ETH price is on the verge of breakthrough to a new ATH
Ethereum is nearing the point of “consolidation”, the transition from PoW to PoS, and developers have invited the community to contribute ideas. ETH is currently very close to its previous all-time high and is waiting for a trigger signal to break this level.
ETH 4-Hour Price Chart | Source: Tradingview
ETH aims to New ATH in front of the door “unify”
Whales have been increasing their ETH accrual for more than 2 weeks, raising a total of 734,800 ETH, adding to the supply shortage.
According to statistics, whales accumulated 0.59% of the ETH supply within 12 days.
A total of 4.9 billion US dollars have been burned to ETH since the implementation of EIP-1559 via the London hard fork. This combined with cumulative whale wallets, which resulted in a lack of circulating supply and fueled the bullish narrative for the largest altcoin in the world.
The FTX derivatives exchange is constantly expanding its marketplace, now allowing users to buy, sell and view NFT Ethereum on their platform.
Ethereum developers have invited the community to join the transition as the altcoin moves to a PoS consensus mechanism.
Optimistic proponents predict that ETH will see a bullish breakout equivalent to 3 Bitcoin halves. ETH is currently on course for the so-called “3 Halving” event.
Analyst BigCheds believes the only thing preventing price from hitting its upside target of $ 10,000 is the unresolved bearish divergence in the high time frames.
(Weekly overview in the appendix) pic.twitter.com/iwOqZbWAq6
– Cheds (@BigCheds) December 1, 2021
“The only thing stopping my bullish sentiment on ETH and hitting $ 10,000 is a bearish divergence with unresolved OBV (Equilibrium Volume) on high timeframes.”
Many analysts predict that $ 5,000 is on the horizon as the altcoin breaks all resistance barriers.
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According to Fxstreet