The three indicators come together as Ethereum’s traditional brand, Ether, rose more than 9% on October 1 to fall to $ 3,000, a level of resistance.
Ethereum’s traditional token, Ethereum (ETH), has the potential to double its market value in the coming months, thanks to a combination of technical and basic indicators.
Ether prices rose more than 9% on October 1 to about $ 3,300 for the first time in 10 days. Its gains came mainly after the return on all high-end cryptocurrencies, including Bitcoin (BTC), which gained 9.5% to $ 48,000, the highest level in 10 days.
Currently, the 30-day merger of Ether and Bitcoin remains close to 0.89, as data from coinmarketcap, which led to ETH moving almost with BTC. The data shows that the U.S. consumer price index, the Federal Reserve’s preferred inflation rate, rose 0.3% in August and rose 3.6% year on year. As a result, primary inflation has risen sharply to 30 years.
Ethereum went through a network development with a fork on August 5 that raised the idea of Ether, due to the old law of supply and demand.
To date, the amount of ETH included in the Ethereum 2.0 agreement has increased from about 11,500 in November 2020 to 7.82 million ETH today. That means the change has temporarily removed 7.82 million ETH from circulation.
On the other hand, the total number of Ether tokens held on all crypto exchanges has dropped a small recording. The depletion of ETH stocks indicates that traders may want to hold their Ether tokens rather than sell them to other commodities, as there may be a supply available to investors looking to enter the Ether market, making ETH more valuable.
The combination of low feed and high demand acts as a bullish backstop for Ether’s price. Meanwhile, more evidence of the upward crack comes from the cup and handle pattern on Ether’s long-term charts.