Ethereum Price Prediction: ETH burns 36% of new coins, eyes of $3,000 psychological level

New Delhi: These few days have been good for the crypto traders as the market can be seen blooming and green. As Bitcoin surged and picked the momentum, altcoins also extended their gains.

Ethermium has brought some good news for investors as the coin continued the rally that began on July 20. With a whopping 72% upward swing, ETH shows no sign of slowing down as it approaches its new target of $3000.

This upward swing lays out only two possibilities, (1) a continuation of the uptrend (2) a correction that allows the buyers to recuperate before the next jump.

To continue and maintain this rally ETH needs to slice through $3,000 and produce a decisive 12-hour candlestick close above $3,240. This move can help the bulls to restart a new uptrend.

If this trend fails to stay above $3,000 then it can retrace to $2,640 which can work as a stable support barrier. IN this scenario it will also help bulls to gather some time to generate a new upswing.

Another good news for the ETH community is that, Activation of Ethereum Improvement Proposal (EIP) 1559 has helped the network to burn over 5,000 ETH coins which are worth nearly $14 million. These coins represent 36% of total new coin issuance over the same time period.

https://youtu.be/LTiEwU-TF_4

Average ETH gas fees have increased slightly since the upgrade. Gas fees rose from 0.003 ETH to 0.005 ETH.