Ethereum has been distant from the glitter and limelight as it turns heavy on the pocket for many in the space. Meanwhile, miners have buckled up, for the next big move. According to reports, more developers have entered the Ethereum ecosystem this year. Then the previous two years combined.
Consecutively, the amount of ETH held by miners has seen the highest surge level in five years. Despite the increasing gas fees, In addition, to the declining issuance of coins. About 486,457 ETH have been burnt ever since the launch of EIP-1559. Moreover, the increase in NFT sales has fueled coin burn to a significant level. As a majority of NFTs are traded with ETH.
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Which hints at miners readying for the big league. It is widely, known that Ethereum will transit to Proof-of-Stake with the implementation of ETH 2.0. The mechanism will withhold a major chunk of the miner’s earnings. We can expect ETH 2.0 to be a game-changer for the platform. Which might possibly propel ETH prices to newer heights. Miners holding ETH make way for the bigger picture underway.
Analysts Are Hopeful With ETH Prices!
A popular analyst Cactus, expects Ethereum to retest ATH this month. And ATH to flip by the 25th of October. The analyst also expects the $6,000 mark to be fast approaching, and the $10,000 milestone to be imminent.
Another analyst expects ETH to hit $4,000 this weekend, from its press time value of $3,611.71.
Some reports also suggest that 532,750 ETH is the largest balance held by miners since July 13th of 2016. Meanwhile, the profitability of Ethereum mining per day is declining constantly ever since, the London hard fork update.
Ethereum still holds the potential to be the major alternative to the star crypto. While netizens expect the ETH 2.0 to go live sooner than expected. If it materializes, we can expect the coin to swirl the market trends. The surge in prices looks distinct, owing to the accumulation of coins by miners themselves.