The cost of Ether, which is the second most valuable cryptocurrency by market value (Ethereum), might increase towards $6,000 in the near future since it appears to be adhering to a significant technical trendline.
Based on the analysis of well-known cryptocurrency expert Ali Martinez, Ether appears to be moving within an ascending parallel channel. This pattern could indicate that a drop to around $2,800 might trigger a significant increase in price, potentially pushing it up to the $6,000 range.
Currently, Ethereum is being traded for approximately $3,300 following a decrease of nearly 10% in its value during the past month.
If Ethereum’s ETH price appears to be moving within an increasing parallel channel, a potential drop to around $2,800 might serve as a stepping stone for it to surge towards $6,000.
— Ali (@ali_charts) January 10, 2025
According to CryptoGlobe’s report, while bitcoin‘s price has surpassed ether in recent months, data from IntoTheBlock reveals that a higher proportion of long-term ether holders has been present compared to bitcoin holders throughout the year 2024. This discrepancy, considering their price trends over the past 12 months, is worth noting.
As a researcher, I’ve noticed an interesting trend in the data: The percentage of long-term Bitcoin (BTC) holders has decreased over the course of the year, now sitting at approximately 62.3%. Conversely, the proportion of long-term Ethereum (ETH) holders has slightly increased, currently surpassing 75% in the same timeframe.
Over the last two years following its merge with the Beacon Chain, Ethereum’s total supply has decreased by about 0.02%. This change is due to the shift in its consensus mechanism to Proof-of-Stake.
Based on information from Ultrasound Money, a system tracking Ethereum’s supply adjustments, around 53,514.62 Ether has been destroyed since the network merged. This amounts to roughly $175.9 million in value of the second-largest cryptocurrency by market cap being burned since the update that occurred more than two years ago.
As a researcher delving into Ethereum’s dynamics, I find that the current circulating supply hovers around 120.4 million ETH. Since the network’s upgrade, the supply has been steadily diminishing by approximately 0.02% every year. Over the last month, reduced usage has led to a growth of about 0.31% in the annual supply. This means that around 947,000 ETH are issued annually, while annual burns amount to roughly 575,000 ETH, as per the platform’s data.
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2025-01-11 02:45