Recent market trends are Ethereum Price Breakout. In particular, ETH has steadily gained momentum, and its prices are currently bordered Nearly the newest ever. Over the past few days, major Altcoins have experienced a surge in network activity, increased demand, and reduced exchange supply.
Network Growth Directs Ethereum Prices to New ATH
Ethereum is soon I’m approaching It’s the best ever Network activity has increased rapidly To an unprecedented level. According to on-chain analytics company Cryptoquant, Daily Ethereum Transaction Count It rose to a record high of around 1.875 billion, highlighting a surge in user engagement and network demand.
This surge in activity coincided with ETH Prices Accidental Gathering From around $3,150 in late July to $4,563 in August, cryptocurrencies were placed within a notable distance from their historic peak. Currently, Ethereum is trading for $4,737. That means it’s just 2.67% off the $4,867 ATH. Bull will run in November 2021.
Ethereum has been maintained for the past month Strong upward trajectoryaccording to Coinmarketcap, it will rise by about 60%. Momentum only strengthened last week, with cryptocurrency rising above 27%. Outperform Bitcoin is 124% since the market fell in April. If this bullish run continues, ETH can set a fresh ass and be on the verge of marking historic moments in the crypto market.
In addition to positive emotions, there is Ethereum’s Netflow SMA30. clearly It is currently at -40,000 ETH. Based on the chart, the persistent outflow suggests that investors are moving their holdings to cold storage rather than just staying in exchange for quick sales. Reduce sell-side fluidity And increased purchasing pressure.
This trend was particularly pronounced between late July and early August. On August 12th, Ethereum saw a significant net inflow of 186,000 ETH. On the same day, it reached $4,589. This supports the Cryptoquant story of ETH not only rising network activity, but also rapidly bordering new record highs driven like this: Accelerated accumulation.
Short squeeze risk and ETF inflows will drive momentum
Market Analyst Coin Bureau while ETH prices are rising sharply caveat The new all-time high could cause a cascade of short liquidation and could inject even more volatility into the market. Analysts predict that it’s worth almost $2 billion Short position It will be wiped out and force traders to buy back Altcoin at a higher price, possibly accelerating the rally.
Interestingly, the rapid price rise for Ethereum is amplified by a surge in institutional demand. Crypto-analyst Ted Pillow It has been reported X Social Media Posts Spot Ethereum etfs It collected a massive inflow of $729.1 million in just one day. Institutional FOMO It could be back to the market. Along with this ETF boom, demand is also available. Ethereum Finance Company It also strengthened ETH’s bullish momentum and climbed sharply.
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