Compass Investments

– The price of Ether, the second largest cryptocurrency by market capitalization, is currently following a key technical pattern and could soon jump to $6,000.

According to popular cryptocurrency analyst Ari Martinez, Ether is following an ascending parallel. Following the channel, a drop to the $2,800 level could lead to a significant rise to the $6,000 mark.

At the time of writing, Ethereum is trading at $3,300 and has lost about 10% of its value over the past 30 days.

According to CryptoGlobe, the price of bitcoin has outperformed Ether over the past few months, but data from cryptocurrency analytics firm IntoTheBlock shows that the percentage of long-term holders of Ether through 2024 has consistently outpaced bitcoin, with the last 12

the last 12 data shows that the percentage of long-term BTC holders has declined over the past year and now stands at 62.3% , while the percentage of long-term ETH holders has increased and now stands at over 75% .

It’s worth noting that ETH supply has decreased by about 0.02% over the past two years as the network switched to the Proof-of-Stake consensus algorithm following its merger with Beacon Chain

Track changes in Ethereum supply According to the Ultrasound Money platform, a total of 53,514.62 ETH has been burned since the network’s merger. That equates to roughly $175.9 million in value for the second most market-capitalized digital asset that has been burned since the upgrade more than two years ago.