NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Ethereum Price Hits 37-Month High on Strained Supply Rate

Yashu Gola
Yashu Gola
4 years ago
3 mins read
Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum prices rose Monday as its on-chain fundamentals confirmed supply constraints across all the leading exchanges against rising demand.

The Ethereum-to-dollar exchange rate climbed by up to 8.72 percent to $740, a level it last tested in May 2018. Intraday-wise, the pair’s upside move came in the wake of a correcting Bitcoin, which, on Sunday, rose to a new record peak of $28,377.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
Ethereum is consolidating higher in a Wedge-like pattern. Source: ETHUSD on TradingView.com
Ethereum is consolidating higher in a Wedge-like pattern. Source: ETHUSD on TradingView.com

So it appears, traders preferred to sell the Bitcoin’s top to seek opportunities in a lowly-trading Ethereum, whose idiosyncratic fundamentals, including its blockchain protocol’s much-publicized upgrade to proof-of-stake, also pointed to a long-term bullish outlook. Some analysts agreed that the Ethereum price could close above $1,000 next year.

Ryan Watkins, the senior research analyst at Messari — a crypto-focused data platform, stated that institutions might start buying Ethereum in 2021 as they explore profitable crypto alternatives beyond Bitcoin.

“It’s a much easier jump from BTC to ETH from there,” he added.

Ethereum Supply Declines

The primary fundamental behind Ethereum’s wild upside moves is the classic supply-demand model. Switching to proof-of-stake means more people would lock their ETH holdings into the Ethereum 2.0 smart contracts to earn attractive annual percentage yields, thereby removing a good supply from the market. And so it seems, that is already happening after the early December protocol upgrade.

According to data analytics platform Santiment, the Ethereum balance on all the crypto exchanges has fallen to a 1.5 year low. It typically means fewer traders are looking to exchange their ETH holdings for other assets in the short-term.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
Ethereum supply metrics. Source: Santiment
Ethereum supply metrics. Source: Santiment

Meanwhile, Ethereum miners’ balances have also crashed to levels last seen two years ago. It indicates a growing demand for the cryptocurrency in over-the-counter and retail markets.

“Both are great validators,” commented Santiment.

Technical Setup

The biggest bullish catalyst for Ethereum is not coming from the US dollar, but the bitcoin-pegged trades.

The ETH/BTC traders have expressed their conviction for a medium-term bullish bias as the pair looks to have bottomed out on its longer timeframe charts. Traditionally, it signals the beginning of a so-called “altcoin season,” wherein traders exit their Bitcoin positions to seek profitability in alternative cryptocurrencies.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
The weekly close of Ethereum on the BTC pair signifies a bottom, as Michaël van de Poppe presented. Source: ETHBTC on TradingView.com
The weekly close of Ethereum on the BTC pair is signaling a bottom, as presented by Michaël van de Poppe. Source: ETHBTC on TradingView.com

“Closed above the crucial threshold of this range, indicating further upwards momentum [will] occur, and another HL is created,” noted Michaël van de Poppe, an independent market analyst, adding that it is a “good sign” for Ethereum.

Meanwhile, analyst Edward Morra spotted an inverse head and shoulder pattern on the ETH/BTC weekly chart. He noted that the technically bullish pattern could send the pair up by as much as 150 percent.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
Ethereum inverse head and shoulder pattern, as presented by Edward Morra. Source: ETHBTC on TradingView.com
Ethereum inverse head and shoulder pattern, as presented by Edward Morra. Source: ETHBTC on TradingView.com

Mr. Morra’s long-term price target for ETH/BTC is 0.05.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Santiment

Santiment Highlights Top Tokens: Bitcoin, Ethereum, And Dogecoin Dominate Social Buzz

Conversations across the crypto space are circling back to blue-chip tokens, with Bitcoin, Ethereum, and Dogecoin taking the spotlight. Data...

Scott Matherson 23 hours ago
XRP

Pro-XRP Lawyer Says Claims Of Coinbase Manipulating XRP Price Are ‘Highly Unlikely’

Data from multiple blockchain trackers shows that Coinbase has drastically cut its XRP holdings, a move that has taken many...

Scott Matherson 1 day ago
Ethereum

Ethereum Mirrors Bitcoin Post ATH Movement, As Market Bears Target 20% Correction

Popular crypto analyst and key opinion leader Ted Pillows has outlined an insightful trend in the Ethereum (ETH) market amidst...

Semilore Faleti 1 day ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum Price Gains Fade

Ethereum Price To Clear $5,000 If This Level Is Broken

Sandra White 5 hours ago

Ethereum Dominates Trading Volume Despite Market Cool-Off – Details

Sebastian Villafuerte 8 hours ago
Ethereum Price Warning

Ethereum Price Warning – Bulls Losing Grip as Downside Risks Build

Aayush Jindal 17 hours ago

Premium Sponsors

Press Releases

  • SNEYD

    SNEYD Mining will be the world’s first choice for...

    2 hours ago
  • Best Bitcoin

    Best Bitcoin Mixer Coinomize.is: Complete Privacy Solution...

    2 hours ago
  • miner

    Institutional capital pours into DOT Miners, pushing XRP...

    4 hours ago
  • 仮想通貨おすすめ:ビットコイン11万7,000ドル予測と3億ドル空売りリスク

    ...

    6 hours ago
  • ドージコイン 今後の課題:0.25ドル突破に苦戦、新しい仮想通貨に資金が流入する9月

    ドージコイン...

    6 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.