Ethereum has risen around 21% in the last 24 hours. Is ETH now heading for an all-time high?

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“Better setup than Bitcoin in March 2020”

Last week, Ethereum’s major EIP-1559 update went live, and it’s been bubbling on the network ever since: ETH was able to cross the $ 3,000 mark for the first time since May, currently trading (time of this article) at $ 3,192. That’s up 21% over the past 24 hours – and apparently the Ethereum bulls are far from done with trampling. What’s next for Ethereum (to buy from eToro or Libertex) from here?

The Ethereum price is going up steeply. Source: Coinmarketcap.com

The bullish forecasts for Ethereum simply do not ebb. Numerous industry observers are currently expressing optimism about the second-ranked cryptocurrency by market capitalization. Ex-Goldman Sachs manager Raoul Pal, for example, calls Ethereum the best trade he’s ever seen. The setup is better than Bitcoin in March 2020. Most will remember what happened to Bitcoin at the time: it rose to highs of more than $ 64,000.

Palaces:

“I published Global Macro Investor last Monday or Monday, there was an article buried there, it was about six pages long and was titled ‘The Greatest Trade’, and it’s all about Ethereum. I think Ethereum has a better setup… than Bitcoin in March 2020.“

As a justification, Pal states that Ethereum is becoming increasingly scarce-especially after the integration of the EIP-1559 upgrade, which has introduced a “fee burning mechanism” into the Ethereum network. Since the upgrade, a certain percentage of fees are burned or removed from the system for each transaction. The top analyst therefore expects an “exponential price increase”:

“Most people are starting to [ETH]that they possess, and there is no [ETH] more, and demand is increasing exponentially. Exponential demand meets a fixed supply, which means an exponential rise in prices. One of the best constellations I’ve ever seen.“

Here you can watch live how much Ethereum has already been burned. Currently, 17,011 ETH have been destroyed since the update came into force. At current prices, this equates to the equivalent of $ 52,563,990.

Supply Crisis Drives Ethereum Price

“Altcoin Daily” moderator Aaron Arnold also sees EIP-1559 as a price driver. In a new video, Arnold: EIP-1559 explains Ethereum’s monetary policy for the better. Because, according to Arnold:

“A little bit of Ethereum is being burned, and that leads to lower supply, especially as demand increases… 10.55 Ethereum is being wiped out every 60 seconds … this is already happening during a supply crisis with Ethereum. My friends, Ethereum is exploding.“

Simon Dedic, Managing Partner at MoonrockCapital, also provides a concrete price target for where Ethereum could explode: In his estimation, ETH is well positioned to be next at $ 3,900 and then $ 4,000.

Similarly bullish comments technical chartist @TheCryptoCactus on Ethereum. The coin now looks like it is ready for new all-time highs after an” insane weekly close”.

Because: The last time ETH was able to record such a weekly closing price was at the end of April 2021.:

“What followed was a phenomenal rally to new all-time highs”

The only question remains: Will it happen again this time?