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Three factors that could propel the price of Ethereum to $6,000 by the end of the year


October 8, 2021 · By MATheGooner
Bitcoin (BTC), Ethereum (ETH)

The native token of Ethereum, Ether (ETH), has the potential to twofold its market value in the next few months, according to the convergence of three optimistic indications.


Shortage of supply

Ethereum underwent a network hard fork update on August 5 that increased the bullish outlook for Ether.

The upgrade, dubbed the London hard fork, introduced the EIP-1559 enhancement protocol, which commenced the burning of a portion of the Ethereum network fee, known as the base fee. According to Watch the Burn, EIP-1559 activation has permanently removed 410,404 ETH (about $1.32 billion) from active supply.

Ethereum is also transitioning from proof-of-work (PoW) to proof-of-stake consensus (PoS). As a result, it has introduced a staking pool in which users can receive rewards and build their ETH holdings by locking 32 ETH in the official PoS smart contract for a set length of time.


The total amount of ETH deposited into the Ethereum 2.0 staking contract has increased from around 11,500 in November 2020 to 7.82 million today. The switch has effectively removed 7.82 million ETH from circulation.


The Ether-Bitcoin correlation is inversely proportional to the rate of inflation in the United States


The cryptocurrency market exploded on October 1st, coinciding with the release of the US Commerce Department’s report on consumer spending.

The Federal Reserve’s preferred gauge of inflation, the core personal consumption expenditures price index, climbed 0.3 percent in August and was up 3.6 percent year-over-year, according to the statistics. As a result, core inflation reached its highest level in 30 years.

Bitcoin is commonly used by speculators as an inflation hedge, which explains the benchmark cryptocurrency’s recent reaction to rising consumer prices in the United States.

Meanwhile, according to CryptoWatch, Ether’s 30-day average correlation with Bitcoin is near 0.89, resulting in ETH moving practically in synch with BTC.

Price action: Cup and handle pattern

A bullish support for Ether’s price is a combination of decreased supply and increased demand. Meanwhile, a cup and handle pattern on Ether’s longer-time frame charts provides more evidence for an upside breakout.

As demonstrated in the chart below, the cup and handle is a bullish continuation pattern with a rounding bottom and descending channel setup. The profit target for the structure is usually set at a length equal to the cup’s maximum height.

Given that the cup’s resistance level is approaching $4,000, a break over that level might bring ETH to nearly double its present price.

Cointelegraph was used as a source.

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