Following an overnight sell-off across the whole cryptocurrency market, Ethereum is now trading at the $3100 level.
The leader of altcoins has had a profitable month, climbing from $1,700 in July to a monthly high of $3,390 in August.
The key levels of support remain $3,000 and $2,880. Yet given the number of short positions that can be squeezed, if ETH Price can find some power from its present zone, it may have enough fuel to shatter the monthly high.
Bullish Indicators for ETH
Popular Ethereum proponent “croissant” on Twitter has made a bullish case for Ethereum. He says, “ETH is well in on its way to becoming a multi-trillion dollar asset”
ETH Staking
Croissant in a recent tweet points out that the amount of $ETH being staked for ETH 2.0 is now worth upwards of $23B, I.e approx 6.1% of all $ETH.
Further notes, after the merger to PoS, this figure is projected to skyrocket. In the last few months, EIP-1559 and PoS have pulled over 7.2 million $ETH out of circulation.
Supply on Exchanges
The next indicator is the balance of ETH held by centralized exchanges. It has continued to drop nearing levels not seen from 3 years.
“This indicates that many holders are not aiming to sell soon, and it may be a catalyst of its own if it happens to continue”
In addition to these, croissant even mentions the potential trends that can send ETH to new highs. NFT, Gaming, Yield farming, Lending, DEXs, and Layer two are some of the trends mentioned.
ETH to Outperform BTC to Hit $10k
Popular Analyst Micheal De Poppe in a recent claim made an ambitious claim for Ethereum’s performance in the future.
He says, if Bitcoin price breaks $100,000, Ethereum will heavily outperform Bitcoin.
Adding to the bullish case is analyst Lark Davis. In a recent tweet he says, Ethereum is the money of NFT land, the money of defi, and is being burnt every day.
He predicts that Ethereum Price is fueled to hit $10K soon.
The post appeared first on Coinpedia
