{"id":468893,"date":"2021-08-09T23:00:43","date_gmt":"2021-08-09T23:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=468893"},"modified":"2024-06-11T13:57:35","modified_gmt":"2024-06-11T13:57:35","slug":"ethereum-surpasses-3000-in-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-surpasses-3000-in-rally\/","title":{"rendered":"Bulls Take Over Market As Ethereum Price Surpasses $3,000, Why Rally May Continue"},"content":{"rendered":"

Ethereum has surged forward as London Hard Fork is up and running smoothly. Following the Hard Fork and the implementation of EIP-1559, the price of ETH has continuously run-up, as interest in the Ethereum network grows. The price broke $3K for the first time in over a month during the weekend, which saw the price of bitcoin surge past $44K. ETH price promptly followed the price rally.<\/p>\n

Although the price of ETH has fluctuated following this, breaking back down below $3,000, the price has since recovered back up above $3,000. This shows the incredible hold strength being represented at this current price level. Hold sentiments continue to grow across the market.<\/p>\n

Related Reading |\u00a0Here\u2019s What Happens To All Of The Crypto Assets The IRS Seizes<\/a><\/strong><\/em><\/p>\n

Investors remain optimistic for the launch of ETH 2.0 which is scheduled to launch in 2022. Moving the network to a mechanism that sees the energy consumption of the asset cut down by 99.5% is a catalyst for a price surge. This would have solved one pain point for investors and miners alike in the market.<\/p>\n

The price rally of Ethereum correlates with a price rally that is currently being experienced across the market. Coins are posting tremendous profit as the weekend closed to usher in the new week.<\/p>\n

Ethereum Turning Deflationary<\/h2>\n

The proper launch of the EIP-1559 presents the asset with the ability to turn deflationary over time. ETH coins are being burned instead of being sent into circulation, which is effectively reducing the rate at which new ETH coins are being sent into the market. The London Hard Fork changes the monetary policy of Ethereum. Transaction fees are no longer being sent to miners. But are now being burned instead.<\/p>\n

Related Reading |\u00a0Why Another Wave Up For Altcoins Is Probable According To BTC Dominance<\/a><\/strong><\/em><\/p>\n

The burn rate for Ethereum currently sits at 2.73 ETH being burned per minute over the past hour. Since the hard fork went live, over 17,000 coins have been burned so far. This means that over $52 million worth of ETH has been burned out of existence. This number will only continue to grow with each passing minute.<\/p>\n

The ETH burned would have been released into circulating, putting even more supply in the market, which would lead to less value for the coin. But since this amount is taken out of the equation, it slows down the supply of ETH into the market.<\/p>\n

Related Reading |\u00a0Ethereum Breaks 200,000 Validators Milestone, Over $14 Billion Now Staked In ETH 2.0<\/a><\/strong><\/em><\/p>\n

Speculations remain that the rate at which ETH is burned will probably be fast enough for the supply to slow down, giving demand for the asset to rise higher than supply. This, in turn, would make the digital asset more valuable.<\/p>\n

ETH Price Looks Upward<\/h2>\n

ETH price continues to show indications that the price will keep going up. A good indication is a dip that pushed the price back down below $3K, which was then followed by a prompt correction back up above $3K.<\/p>\n

Related Reading |\u00a0Ethereum Set To Explode According To Market Dominance, Crypto Analyst<\/a><\/strong><\/em><\/p>\n

This indicates that the bulls still continue to have a chokehold on the price of Ethereum.\u00a0 <\/span>As long as ETH maintains its current trajectory, then the digital asset will be set on breaking its all-time high of $4K.<\/p>\n

Setting a new all-time high will see an influx of investors flooding back into the market. The trajectory from there would remain to see when the market moves into the extreme greed territory. But for now, the price of Ethereum has continued to hold through.<\/p>\n

\"Ethereum<\/p>\n

ETH price continues to surge upward | Source: ETHUSD on TradingView.com<\/a><\/pre>\n
At the time of this writing, ETH is currently trading $3,111, while the price of bitcoin continues to maintain momentum above $45,000.<\/p>\n
Featured image from Dribbble, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Ethereum has surged forward as London Hard Fork is up and running smoothly. Following the Hard Fork and the implementation of EIP-1559, the price of ETH has continuously run-up, as interest in the Ethereum network grows. The price broke $3K for the first time in over a month during the weekend, which saw the price of bitcoin surge past $44K. ETH price promptly followed the price rally. Although the price of ETH has fluctuated following this, breaking back down below $3,000, the price has since recovered back up above $3,000. This shows the incredible hold strength being represented at this current price level. Hold sentiments continue to grow across the market. Related Reading |\u00a0Here\u2019s What Happens To All Of The Crypto Assets The IRS Seizes Investors remain optimistic for the launch of ETH 2.0 which is scheduled to launch in 2022. Moving the network to a mechanism that sees the energy consumption of the asset cut down by 99.5% is a catalyst for a price surge. This would have solved one pain point for investors and miners alike in the market. The price rally of Ethereum correlates with a price rally that is currently being experienced across the market. Coins are posting tremendous profit as the weekend closed to usher in the new week. Ethereum Turning Deflationary The proper launch of the EIP-1559 presents the asset with the ability to turn deflationary over time. ETH coins are being burned instead of being sent into circulation, which is effectively reducing the rate at which new ETH coins are being sent into the market. The London Hard Fork changes the monetary policy of Ethereum. Transaction fees are no longer being sent to miners. But are now being burned instead. Related Reading |\u00a0Why Another Wave Up For Altcoins Is Probable According To BTC Dominance The burn rate for Ethereum currently sits at 2.73 ETH being burned per minute over the past hour. Since the hard fork went live, over 17,000 coins have been burned so far. This means that over $52 million worth of ETH has been burned out of existence. This number will only continue to grow with each passing minute. The ETH burned would have been released into circulating, putting even more supply in the market, which would lead to less value for the coin. But since this amount is taken out of the equation, it slows down the supply of ETH into the market. Related Reading |\u00a0Ethereum Breaks 200,000 Validators Milestone, Over $14 Billion Now Staked In ETH 2.0 Speculations remain that the rate at which ETH is burned will probably be fast enough for the supply to slow down, giving demand for the asset to rise higher than supply. This, in turn, would make the digital asset more valuable. ETH Price Looks Upward ETH price continues to show indications that the price will keep going up. A good indication is a dip that pushed the price back down below $3K, which was then followed by a prompt correction back up above $3K. Related Reading |\u00a0Ethereum Set To Explode According To Market Dominance, Crypto Analyst This indicates that the bulls still continue to have a chokehold on the price of Ethereum.\u00a0 As long as ETH maintains its current trajectory, then the digital asset will be set on breaking its all-time high of $4K. Setting a new all-time high will see an influx of investors flooding back into the market. The trajectory from there would remain to see when the market moves into the extreme greed territory. But for now, the price of Ethereum has continued to hold through. ETH price continues to surge upward | Source: ETHUSD on TradingView.com At the time of this writing, ETH is currently trading $3,111, while the price of bitcoin continues to maintain momentum above $45,000. Featured image from Dribbble, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":468894,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,6931,8686,78803],"class_list":["post-468893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nBulls Take Over Market As Ethereum Price Surpasses $3,000, Why Rally May Continue<\/title>\n<meta name=\"description\" content=\"Ethereum has surged forward as London Hard Fork is up and running smoothly. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bulls Take Over Market As Ethereum Price Surpasses $3,000, Why Rally May Continue","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-surpasses-3000-in-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-surpasses-3000-in-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/eth-bull.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/eth-bull.png?fit=400%2C300"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethereum price","ethusd","ethusdt"],"dateCreated":"2021-08-09T23:00:43Z","datePublished":"2021-08-09T23:00:43Z","dateModified":"2024-06-11T13:57:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bulls Take Over Market As Ethereum Price Surpasses $3,000, Why Rally May Continue\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-surpasses-3000-in-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-surpasses-3000-in-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/eth-bull.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/eth-bull.png?fit=400%2C300\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2021-08-09T23:00:43Z\",\"datePublished\":\"2021-08-09T23:00:43Z\",\"dateModified\":\"2024-06-11T13:57:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/eth-bull.png?fit=400%2C300","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/468893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=468893"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/468893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/468894"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=468893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=468893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=468893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}