Although Ethereum is not mooning any longer, its price is still gradually increasing. In truth, several professionals still offer it a “Buy/Strong Buy” signal, showing that they have a bullish outlook on the coin. There is a huge opportunity that what we’re experiencing right now is the calm prior to the storm– and ETH rate will aim for the moon in the future.
So, why has Ethereum rate been going up these past couple of months? When and why do crypto costs increase, actually?
Well, the 2nd concern has an extremely brief and easy answer: when the need for a coin surpasses its supply. That’s the standard law of economics, after all. If there are more individuals who think an asset’s price will increase then there are those who believe it will fall, then there are more buyers on the market, which presses the cost up.
Read likewise: Ethereum Price Prediction for 2021, 2022 and Beyond
Of course, in truth, it’s not quite as simple, particularly not in a market as unstable as crypto. However, you don’t require to comprehend all the complexities of crypto rates in order to have the ability to make a profit or understand why a particular coin is increasing.
Comprehending market sentiment plays a big function in anticipating future rate motions. In this article, we will take a look at the possible factors you can watch out for when analyzing crypto costs utilizing the example of Ethereum and its current rate spike. Let’s dive in!
Ethereum Price History
Let’s take a look at Ethereum’s recent (the last 3 months) cost history initially.
alt =” ethereum-chart “class=” wp-image-65046 “srcset=” https://changelly.com/blog/wp-content/uploads/2021/09/eth-cmc.png 1898w, https://changelly.com/blog/wp-content/uploads/2021/09/eth-cmc-768×414.png 768w, https://changelly.com/blog/wp-content/uploads/2021/09/eth-cmc-1536×827.png 1536w, https://changelly.com/blog/wp-content/uploads/2021/09/eth-cmc-500×269.png 500w, https://changelly.com/blog/wp-content/uploads/2021/09/eth-cmc-293×158.png 293w, https://changelly.com/blog/wp-content/uploads/2021/09/eth-cmc-770×415.png 770w, https://changelly.com/blog/wp-content/uploads/2021/09/eth-cmc-1400×754.png 1400w” sizes=”( max-width: 1898px) 100vw, 1898px”/ > Source: coinmarketcap.com As we can see, Ethereum price has initially begun increasing in late July-early August. Then, it plateaued for a bit in late August, and had a huge spike in cost at the beginning of September. Currently, Ethereum is hovering around the $3,300 mark.
The Crypto Market