Bitcoin
BTC$43 168.18

0.32%

Ethereum
ETH$3 004.08

-0.89%

Cardano
ADA$2.18

-1.67%

Tether
USDT$1.000513

-0.07%

Binance Coin
BNB$341.82

-0.94%

XRP
XRP$0.938253

-0.25%

Ether price hits 2-week high as London hard fork momentum builds


05 Jul 2021   #Ethereum

The second-largest cryptocurrency by market capitalization peaked north of $2,350 on Sunday, its highest reading since June 18. Bitcoin price stability and anticipation of major protocol upgrades are fueling investors’ appetite for ETH. Ether’s (ETH) $230 million options expiry on Friday appears to have shifted market sentiment in favor of the bulls, at least momentarily, as investors remain cautiously optimistic about the upcoming London hard fork and the prospect that Bitcoin (BTC) has established a firm bottom. 

ETH price update

ETH rose more than 6.5% to $2,370 on Sunday, the highest in over two weeks, according to Cointelegraph Markets Pro. Weekend trade volumes remained characteristically low at just over $18 billion. Ether's price sees renewed upside on Sunday. Source: Cointelegraph Markets Pro

At current values, Ether has a total market capitalization of $274.8 billion. The DeFi market, which is largely built on top of Ethereum, saw cumulative gains of 9% on Sunday. The total market value of DeFi coins is $67.3 billion, according to Coingecko data. Meanwhile, Bitcoin’s price crossed $35,600, having gained 2.6%.

The battle between the bulls and the bears was on display in the options market last month, with both camps expecting extreme price fluctuations for Ether leading into the options expiry on Friday. As Cointelegraph reported, the $2,200 price level is where the bulls start to increase their lead, as evidenced by the ratio of call options to put options.

London hard fork looms

Ethereum’s London hard fork, which contains the highly anticipated EIP 1559, launched on the Ropsten testnet on June 24, setting the stage for full mainnet implementation later in July. The hard fork is anticipated to have a positive impact on Ether’s value thanks to several proposal upgrades, including the transition to the eco-friendly proof-of-stake consensus and a new “scarcity” feature that will reduce the number of tokens in circulation.

Analysts expect investors to increase their exposure to ETH leading into the hard fork. On-chain data suggests this is already happening as Ethereum registered over 750,000 active addresses last week, exceeding Bitcoin by a considerable margin.

Analytics firm Santiment, which provided the data, described the active-address flippening as “historic.”


Related

Ethereum alternatives and layer-1 solutions see steady gains in September
Ethereum price gets back to $3K as institutional investors pile into ETH futures
Derivatives data favors Ethereum bulls even with this week's crash below $3K
Ethereum's spot setup looks grim, but derivatives data tells a different story
Ethereum head & shoulders chart pattern puts ETH price at risk of dropping to $2K
Ethereum options data suggests the battle for $4K ETH is at least a week away
Ethereum price metrics back traders confidence in $3,800 ETH
Ethereum layer-twos reportedly processing more transactions than Bitcoin
Top up with stablecoins at FreshForex

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 80.8% 36 $43 168.18 0.32% -0.37% $812 772 420 923 $31 192 680 458
2 Ethereum (ETH) ETH Ethereum predictions 72% 50 $3 004.08 -0.89% 0.41% $353 583 713 819 $19 390 160 771
3 Cardano (ADA) ADA Cardano predictions 67.2% 71 $2.18 -1.67% 3.44% $69 832 878 215 $3 073 248 637
4 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000513 -0.07% 0.05% $68 578 142 843 $71 016 415 448
5 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 61 $341.82 -0.94% -6.18% $57 472 750 025 $1 552 010 074
6 XRP (XRP) XRP XRP predictions 75.6% 49 $0.938253 -0.25% 1.51% $43 832 950 516 $3 033 647 400
7 Solana (SOL) SOL Solana predictions 68% 64 $140.49 3.07% 2.42% $41 785 405 951 $2 881 769 726
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10 Dogecoin (DOGE) DOGE Dogecoin predictions 68.4% 61 $0.203046 -0.96% -3.24% $26 692 493 819 $855 732 314
11 Avalanche (AVAX) AVAX Avalanche predictions 59.2% 81 $68.22 2.85% 15.73% $15 027 546 330 $1 240 912 224
12 Terra (LUNA) LUNA Terra predictions 68.8% 60 $37.38 6.51% 33.72% $14 951 567 039 $1 684 215 996
13 UniSwap (UNI) UNI UniSwap predictions 66.8% 67 $22.91 -4.24% 8.57% $14 010 020 202 $1 160 176 166
14 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000238 -0.06% 0.01% $13 529 303 353 $5 078 288 807
15 Chainlink (LINK) LINK Chainlink predictions 64.4% 67 $23.59 -3.95% -0.49% $10 732 590 020 $1 097 433 048

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