Is Ethereum Staging a Short-Term Rally - Price Analysis.
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Ethereum Is About to Break Out & Here's Why $3,500 Isn't That Far Away Now.
2021-10-02 | Robin Williams
Ethereum Price Chart - Source: Trading
Ethereum's exchange supply has been steadily declining in recent weeks, hitting a 6-month low. A falling exchange supply is deemed bullish since it creates a supply shortage and indicates that traders expect the price to rise. Ethereum supporters appear to be holding, with market analysts predicting new all-time highs in the fourth quarter of 2021. The Ethereum network has remained stagnant as a result of the rise in popularity of competitor networks such as Solana ($SOL) and now Cardano ($ADA), which seeks to complete it with the inclusion of smart contracts. Another explanation may be because layer 2 solutions are becoming more prevalent. The number of active addresses has been stable over the last six months, but social traffic has decreased since June, notwithstanding a spike in August around the time of the London hard fork. ETH was trading at $3,224 when it turned green, indicating that it was preparing for a bullish October. The cryptocurrency is now 24% behind its all-time high of $4,362, but many Ethereum supporters believe it will break through in the fourth quarter.
