CryptoMode Ethereum price watch EIC-2612 Ethereum Addresses in the Loss EIP-1559

The past few weeks have proven rather interesting for Ethereum, not only is the Ether price nearing a new all-time high, but the trading activity is picking up as well. Remarkably, this uptrend is notable across spot, futures, and options markets alike. 

Ethereum Demand Continues To Increase

Although the Ethereum price rise is what most people are interested in today, it is always essential to keep an eye on the bigger picture. Analyzing the trading behavior of users across the various market segments can often provide valuable insights. In a surprising turn of events, there is a growing demand for ETH in the spot, futures, and options segments alike.

This increasing demand has been prevalent for almost a week now.  A remarkable turn of events, as one would expect the demand to be weaker at this time. Bitcoin is often seen as the market leader for all cryptocurrencies, yet the BTC price performance has been mediocre at best in recent weeks. Instead, people are pouring money into Ethereum lately. 

Source: Skew

Judging by the spot volume for ETH trading, it is evident demand began picking up in early May 2021. As the Ether price remains above the $4,000 level, there is a good chance this momentum will remain in place for a while longer. More trading volume doesn’t automatically mean a higher price, as it can trigger more volatility as well.

Both futures and options trading for Ethereum also notes a healthy increase in volume. It will be interesting to see how long this remains to be the case, however. The moment Bitcoin’s price goes down ever so slightly, Ethereum will follow suit more often than not. As such, there will be plenty of volatility to contend with over the coming weeks and months. 

Can Ethereum Push Higher?

The big question on everyone’s mind is whether Ethereum can reach a higher value in the future. There is a lot of excitement surrounding the Ethereum 2.0 upgrade. Additionally, EIP-1559 is expected to go into effect in a few months, a change that will significantly affect network fees. Not all miners are happy with this proposal, but it seems unlikely the change will not go through.

Considering how ETH set a new all-time high earlier today, there is no sign of the bull run slowing down just yet. Surpassing $4,500 and eventually, $5,000 remains plausible throughout 2021. It will primarily depend on whether the expected network upgrades will go off without a hitch. The coming months will prove crucial for the second-largest cryptocurrency network by market cap.

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