As of writing this article, Ethereum is trading at $ 3,749. The bullish trend that is characterizing the cryptocurrency does not seem to stop. According to the on-chain data, the graphic trend contrasts with them. In fact, the number of transactions and active addresses have been very low in recent weeks. In contrast to these, the transaction fees were very high. The motivation must be sought outside the logic of the market.
One of the reasons behind the Ethereum listing is the strong demand for NFT. According to Glassnode, the fees on the Ethereum network for NFT purchases were around 10,000 ETH per day. NFTs took off in March when a Beeple NFT sold for a staggering $ 69 million. The NFT market is becoming, or has already become, a completely autonomous market. With reference to Ethereum, a particular type of NFT, Ether Rocks, has recently been making room.
Ethereum and Ether Rocks are depopulating on the NFT market
NFT running on the Ethereum blockchain, Ether Rocks, has been around for several years. Only now is it having an impressive spread. Investors and NFT art collectors are tempted by this type of NFT and are willing to pay terrifying amounts in order to get hold of it. this series of “rocks” consists of images of rocks with very different shapes, designs and shades.
The first Ether rock sold for 0.0999 ETH and the others between 0.1 and 0.3 ETH. With the appearance of new NFTs of this type, the existing ones increased in value. The price range is from $ 29 ETH to $ 626,000 ETH.
Resistance For Ethereum At $ 3,822. Is the $ 4,000 goal achievable?
Ethereum shows no signs of stopping its run towards $ 4,000. In fact, the high, recorded May 12, was $ 4,380.64. After this high, the price fell to $ 1,727.91, before breaking the 21-period average on July 23rd. Subsequently the same has been tested several times as a support, with success from what can be seen in the graph. The price is currently at $ 3,737.68 and is suffering from the resistance at $ 3,822.62. It must be said that yesterday the market price jumped 11%. So today a drop is all there is. But beware of the RSI which is in a dangerous area. Profit-taking could happen at any moment. Today’s decline is accompanied by very low volumes. The breaking of the resistance and the reaching of the highs of May is very probable.
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This article was originally posted on FX Empire