Ethereum (CRYPTO: ETH) slipped 0.49% to $2,544.35 over 24 hours in the early hours of Tuesday. Is the second-largest cryptocurrency by market capitalization on track to cross the psychologically important $3,000 level?
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London Calling: Ethereum’s network is a day away from an upcoming upgrade dubbed the London hard fork.
The hard fork is expected to take place on Wednesday and contains Ethereum Improvement Proposals or EIPs that relate to miner compensation which could lead to a reduction of ETH’s circulating supply.
Payment network Mercuryo’s co-founder Greg Waisman said ETH could take the $3,000 levels, as per a Cointelegraph report.
He noted that the buildup of hype related to the hard fork was not “reflective of the current price trend.”
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“Ethereum is currently seeing a retracement; it confirms that the sellers are deliberately lowering the price for a post-upgrade price pump,” said Waisman.
Unprecedented Winning Streak: ETH surged for 12 straight days leading up to Monday, which is the longest such streak ever, as per InToTheBlock, a data science company.
#Ethereum has notched a 12-day winning streak, the longest ever
The IOMAP indicator reveals that $ETH is sitting on strong support while facing the last 2 key levels of on-chain resistance on its path to $3k once again
Between $2,598 and $2,753, 1.19m addresses bought 2.03m ETH pic.twitter.com/KAP3y0V94i
— IntoTheBlock (@intotheblock) August 2, 2021
InToTheBlock also noted that 1.19 million addresses purchased 2.03 million ETH between the $2,598 and 2,753 levels.
Flippening Buzz: Adding to the momentum for ETH is the buzz around the so-called Flippening, a term that alludes to Bitcoin (CRYPTO: BTC) being left behind by ETH in terms of market capitalization.
— Michaël van de Poppe (@CryptoMichNL) August 2, 2021
Dogecoin (CRYPTO: DOGE) co-creator Billy Markus recently polled his 434,8000 strong Twitter followers when flippening would take place. 30.3% of the followers said 2023 or beyond, while 28.9% said 2022. 13.6% thought the event would take place this year, while 27.1% thought it would never take place.
On-Chain Trio: On-chain data suggests ETH is following a bullish trend, as per CryptoQuant.
The three factors noted by the on-chain analytics company include the increasing number of accounts which deposited over 32 ETH to the deposit contract, especially after the recent correction.
Another is the outflowing ETH from Spot Exchanges and finally the fact that total ETH reserve on exchanges is falling.
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