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Three reasons why Ethereum price is on the brink of breakout to new all-time high

www.fxstreet.com 02 December 2021 10:27, UTC
Reading time: ~3 m

  • Ethereum whales have accumulated $3.3 billion worth of ETH tokens over the last two weeks, fueling a price rally. 
  • FTX exchange has expanded its marketplace to allow users to buy, sell and display Ethereum NFTs. 
  • An Ethereum developer has called users to contribute to the “merge” by getting involved in testing. 
  • Analysts are bullish on Ethereum price as the altcoin inches closer to its previous all-time high. 

Ethereum is inching closer to the “merge,” or the transition from “proof-of-work” to “proof-of-stake,” and developers have invited the community to contribute. Ethereum is closest to its previous all-time high, awaiting a trigger to break into a price tally. 

Ethereum price heads to a new all-time high as “merge” draws closer

Ethereum whales have accumulated the altcoin for over two weeks now. Whales collected a total of 734,800 Ethereum tokens, contributing to a shortage in Ethereum supply. 

Whales have accumulated 0.59% of ETH supply within 12 days 

$4.9 billion worth of Ethereum has been burned so far since the implementation of EIP-1559 in the London hard fork. Burn combined with accumulation by whale wallets has created a shortage in Ethereum’s circulating supply, fueling a bullish narrative. 

FTX, the crypto derivatives exchange, has expanded its marketplace. The exchange now allows users to buy, sell and display Ethereum NFTs on its platform. 

gm! Ethereum NFTs are live on https://t.co/IER7ate2sU!

We’re excited to expand our NFT marketplace, allowing users to buy, sell, and display their Ethereum NFTs alongside their Solana NFTs for the first time! Probably nothing. pic.twitter.com/DREqxvNDVc

— FTX - Built By Traders, For Traders (@FTX_Official) December 1, 2021

Ethereum developers have invited the community to participate in the transition process as the altcoin migrates to a “proof-of-stake” consensus mechanism. 

Testing is the best way to contribute to #Ethereum. We are starting a new program to get the community involved in testing the merge.

If you want to do your part in getting Ethereum to Proof of Stake as soon as possible and save the environment, #dm me pic.twitter.com/WIxpRBIDPB

— MariusVanDerWijden (@vdWijden) November 29, 2021

Proponents have predicted a bullish breakout equivalent to three Bitcoin halvings in Ethereum price. Ethereum price is on track for the event called “Triple Halving.”

@BigCheds, a cryptocurrency analyst, believes that the only thing keeping Ethereum price from hitting a bullish target of $10,000 is the unsolved bearish divergence on high time frames. 

$ETH #Ethereum the only thing keeping me from being a full on bull and calling for 10k like many others is the unresolved bearish divergence on high time frames with OBV or on balance volume

(Weekly chart attached) pic.twitter.com/iwOqZbWAq6

— Cheds (@BigCheds) December 1, 2021

FXStreet analysts have evaluated Ethereum price and predicted that $5,000 is in sight as the altcoin breaks all resistance barriers. 

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