The price of the second-largest cryptocurrency by market capitalization, Ethereum’s ether, could soon surge toward the $6,000 mark as it’s currently following a key technical pattern.
According to popular cryptocurrency analyst Ali Martinez, ether is following as ascending parallel channel, which could mean that a dip to the $2,800 mark would lead to a massive price rise toward the $6,000 level.
Ethereum is at the time of writing trading at $3,300 after losing around 10% of its value over the last 30 days.
As CryptoGlobe reported, while the price of bitcoin has outperformed ether over the last few months, data from cryptocurrency analytics firm IntoTheBlock shows that the percentage of long-term ether holders has consistently outpaced that of bitcoin holders throughout 2024, in a noteworthy divergence given the price performance both assets saw over the last 12 months.
The data shows that the proportion of long-term BTC holders has declined through the year to now stand at 62.3%, while that of long-term ETH holders edged up to now stand above 75%.
It’s worth noting that the ether supply has declined by approximately 0.02% over the past two years since the network’s merger with the Beacon Chain, which transitioned it to a Proof-of-Stake consensus algorithm.
According to data from Ultrasound Money, a platform that monitors Ethereum’s supply changes, a total of 53,514.62 ETH has been burned since the network’s merger. This equates to approximately $175.9 million worth of the second-largest digital asset by market capitalization being burned since the upgrade over two years ago.
Currently, the ether supply stands at around 120.4 million ETH, and the network’s supply has been gradually decreasing by 0.02% annually since the upgrade. Over the past 30 days, lower usage has resulted in a positive supply growth of 0.31% for the year. Consequently, 947,000 ETH are issued annually, while annualized burns amount to 575,000 ETH, as per the platform’s data.
Source: cryptoglobe.com
