{"id":81781,"date":"2023-11-07T15:34:19","date_gmt":"2023-11-07T20:34:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ether-eth-set-for-55-surge-after-key-technical-breakout-as-supply-turns-deflationary-says-this-well-known-analyst\/"},"modified":"2023-11-07T15:34:22","modified_gmt":"2023-11-07T20:34:22","slug":"ether-eth-set-for-55-surge-after-key-technical-breakout-as-supply-turns-deflationary-says-this-well-known-analyst","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81781","title":{"rendered":"Ether (ETH) Set for 55% Surge After Key Technical Breakout, as Supply Turns Deflationary, Says This Well-Known Analyst"},"content":{"rendered":"<div>\n<p>Famous crypto data analytics firm Matrixport\u2019s head of research Markus Thielen argued in a recent report that Ether (ETH) could be set for a more than 55% surge to $3,000.<\/p>\n<p>Ether is the second most valuable cryptocurrency in the world by market capitalization after Bitcoin (BTC) and powers the Ethereum layer-1 smart-contract-enabled blockchain, which remains the most widely used blockchain in the DeFi, NFT and broader web3 industry.<\/p>\n<p>In a recently published note on defiontarget.com, Thielen pointed out that Ether appears to have now broken to the north of its downtrend from the yearly highs, and also pointed out that Ethereum network activity has improved in recent weeks, leading to the Ether supply turning deflationary once again.<\/p>\n<p>Thielen\u2019s analysis included a chart showing that Ether appears to have broken to the north of a pennant structure that it had been in the throws of forming since late 2022.<\/p>\n<figure id=\"attachment_128238\" aria-describedby=\"caption-attachment-128238\" style=\"width: 731px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-128238\" class=\"wp-caption-text\">Ether (ETH) Chart Showing Pennant Breakout \/ Source: Markus Thielen on defiontarget.com<\/figcaption><\/figure>\n<p>Moreover, he argued that \u201crevenues for the Ethereum ecosystem are bottoming out from depressed levels\u2026 (which) this could signal a tradeable bottom for ETH\u201d.<\/p>\n<p>\u201cWhile revenues have only climbed back into the summer 2023 range of $30 million in weekly fees, the shocking number of just $12.1 million during the week of October 9 might be behind us\u201d.<\/p>\n<p>\u201cA tactical bullish trade could have merit for as long as weekly Ethereum fees stay above $30 million,\u201d he added.<\/p>\n<p>As per TokenTerminal, the Ethereum network generated fees of around $36 million last week.<\/p>\n<figure id=\"attachment_128241\" aria-describedby=\"caption-attachment-128241\" style=\"width: 1385px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-128241\" class=\"wp-caption-text\">Ethereum Network Weekly Fees \/ Source: TokenTerminal<\/figcaption><\/figure>\n<p>This recovery in network fees means a higher ETH burn rate (the majority of Ethereum network fees are burnt).<\/p>\n<p>Indeed, as per Glassnode, the Ether inflation rate recently hit its lowest level since August of -1.2%, having recently been as high as 0.3% in early October.<\/p>\n<figure id=\"attachment_128243\" aria-describedby=\"caption-attachment-128243\" style=\"width: 1800px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-128243\" class=\"wp-caption-text\">Ether (ETH) Supply Inflation Rate \/ Source: Glassnode<\/figcaption><\/figure>\n<p>That should boost optimism that, assuming network activity remains healthy, Ether should remain a deflationary asset, boosting its long-term value proposition to investors.<\/p>\n<p>If Ether was to hit Thielen\u2019s target of $3,000 per token, that would mark a surge of more than 55% from the current price just below $1,900.<\/p>\n<h2><strong>Ether (ETH) to Outperform Bitcoin (BTC)?<\/strong><\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Bitcoin has increased its market dominance over Ether in the last few weeks amid optimism about potential near-term approvals of spot Bitcoin Exchange Traded Funds (ETFs) on the US, which are anticipated to attract substantial capital inflows from the traditional finance industry.<\/p>\n<p>After trending lower for most of 2023, with Bitcoin also benefiting from safe-haven demand given its status as crypto\u2019s oldest, most trusted and (arguably) most decentralized cryptocurrency, the ETH\/BTC exchange rate fell rapidly in October to hit its lowest levels since June 2022.<\/p>\n<figure id=\"attachment_128233\" aria-describedby=\"caption-attachment-128233\" style=\"width: 1790px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-128233\" class=\"wp-caption-text\">ETH\/BTC Chart \/ Source: TradingView<\/figcaption><\/figure>\n<p>But this exchange rate recently rallied back to the north of its 21DMA, a sign of a potential turn around.<\/p>\n<p>Thielen argued in his latest note that Ether trading volumes are also catching up to Bitcoin, which potentially \u201csupports the view that altcoins could outperform\u201d.<\/p>\n<p>\u201cWhile Bitcoin traded as much as 3x the volume of ETH in mid-October, this ratio has also dropped to just 2x\u201d.<\/p>\n<p>If Thielen is right about a possible near-term surge in the ETH price to $3,000, then ETH\/BTC could very well rise back towards resistance in 0.058 area in the near future.<\/p>\n<p>But if Bitcoin continues to lead the broader market rally amid optimism about upcoming spot Bitcoin ETFs, and Ethereum network activity once again falls back, then a retest of the 2022 lows under 0.05. remains on the cards.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/ether-eth-set-for-55-surge-after-key-technical-breakout-as-supply-turns-deflationary-says-this-well-known-analyst.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Famous crypto data analytics firm Matrixport\u2019s head of research Markus Thielen argued in a recent report that Ether (ETH) could be set for a more than 55% surge to $3,000. Ether is the second most valuable cryptocurrency in the world by market capitalization after Bitcoin (BTC) and powers the Ethereum layer-1 smart-contract-enabled blockchain, which remains [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-81781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ether (ETH) Set for 55% Surge After Key Technical Breakout, as Supply Turns Deflationary, Says This Well-Known Analyst | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Famous crypto data analytics firm Matrixport\u2019s head of research Markus Thielen argued in a recent report that Ether (ETH) 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