Ekta Mourya
FXStreet
As the overall cryptocurrency market is undergoing recovery, Ethereum has bounced past the $4,300 level. Analysts are bullish on ETH price and believe that the altcoin could hit a new all-time high in the ongoing bull run.
At an auction of two of renowned artist Banksy’s paintings, Sotheby’s price table accepted Ethereum as payment and referred to the altcoin as a ‘first class currency.’ “Trolley Hunters” and “Love Is In The Air” were bought for Ethereum at the unique auction.
Proponents consider it a key milestone for Ethereum adoption as the 250-year-old British-American auction house recognized ETH and accepted it as payment.
The average gas fee on the Ethereum network has consistently dropped since the London hard fork. Gas fees have dropped nearly 80%, driving higher transaction volume and on-chain activity on the ETH network.
ETH whales scooped up tokens through the dip and fueled the altcoin’s price rally. @venturefounder, a cryptocurrency analyst, notes that the net ETH outflow from exchanges has increased. Historically, ETH accumulation has driven the altcoin’s price higher.
#Ethereum exchange net outflow in 2021:
The key thing you have to know about #ETH is, it is ALWAYS in accumulation.
Just the red days accumulation is more than green days. This is one of the reasons why #ETH is always going up, and why I am massively bullish on ETH pic.twitter.com/0M0aqZvoQw
The changing supply dynamics, driven by whale accumulation and increasing exchange outflow, could fuel an Ethereum price rally to a new all-time high.
@SmartContracter, a pseudonymous cryptocurrency analyst, predicted that ETH price would hit a new all-time high based on the Elliot Wave Theory. Once the altcoin’s price corrects in a three-wave pattern, it is expected to recover from a pullback.
FXStreet analysts have evaluated the ETH price trend and predicted a reversal as the altcoin heads to $4,600.
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Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.
Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.
Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.
Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements.
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