Ethereum Price Analysis —November 1
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According to recent data from analytics provider Dune, a total of 702,886 Ethereum (ETH) tokens have gotten burned as of October 31. For context, the Ether burning practice began on August 5 this year, following the implementation of the London hard fork upgrade and EIP-1559.
The London hard fork upgrade introduced roughly five changes, with EIP-3554 and EIP-1559 bringing the most transformative adjustments. The EIP-3554 upgrade transformed the Ethereum network’s difficulty significantly, and EIP-1559 upgraded the Ethereum fee rate to a scheme that made the crypto-asset a deflationary one.
Meanwhile, the ETH network recently implemented the Altair upgrade, intended to smoothen the consensus process from proof-of-work (PoW) to proof-of-stake (PoS). Ether touched a new record high of $4,460 on Friday following the implementation of the Altair upgrade.
Interestingly, the total tokens burned so far (702,886 ETH) sums up to a whopping $3.059 billion (using press time data).
The report revealed that NFT marketplace Opensea burned the most ETH, with a total of 91,171 coins. Coming in second place is everyday user transactions running up to 63,441. In the third position is decentralized exchange Uniswap V2, burning a total of 51,217.
Meanwhile, stats from bitinfocharts.com suggests that the average transaction fees on the ETH network run up to 0.012 Ether ($52.2).
Key Ethereum Levels to Watch — November 1
The second-largest cryptocurrency has rallied back into the critical $4,330 – $4,380 juncture as bulls aim to refresh its all-time high at $4,460. ETH currently trades along an ascending trendline and the 4-hour 50 SMA, indicating a heavy bullish presence.
That said, we should expect to see minor dips along the way, with the $4,200 support serving as the base of any bearish attempts. A break above the $4,460 should cement a $4,500 price tag for ETH and possibly higher.
Meanwhile, my resistance levels are $4,380, $4,460, and $4,500, and my support levels are $4,250, $4,200, and $4,100.
Total Market Capitalization: $2.65 trillion
Ethereum Market Capitalization: $513.9 billion
Ethereum Dominance: 19.3%
Market Rank: #2
