According to data from on-chain analysis firm Sentiment, ETH miners broke the record for the last 5 years. They prefer to wait rather than sell their rewards, and again, this could pave the way for ATH, according to Sentiment. Analysts expect over $4,000 for the leading altcoin by the end of the year. Here are the details…
Altcoin miners prefer to wait
Despite the Ethereum burns that emerged with the London hard fork, miners still earn a decent amount of income from mining. The balance held by miners for ETH has been falling since 2016. This was mostly a combination of bad market conditions and miners selling their assets to finance their mining operations. This figure recovered again in 2021. After the bull run that started in 2020, Ethereum’s price started to take shape at higher prices. In addition, the dollar value of miner earnings was also starting to rise. Current metrics show that the value of ETH held by miners has reached a five-year high. The last time miners had this much value in ETH was in 2016.
Sentiment says the road is clear for ATH!
Data analytics firm Sentiment has released a report showing miners’ current ETH balances. According to the report, miner ETH balances are currently at 532.75K ETH, with a total balance of more than $1.85 billion. The firm says that Ethereum can easily reach ATH levels:
Ethereum rallied as high as $3,480, its highest price in 16 days. Notably, miner balances continued to skyrocket. 532,750 ETH is the largest balance held by miners since 13 July 2016. Their value is $1.85 billion, they can easily make ATH.
ETH miner balances last reached this amount in July 2016, shortly after the launch of the Ethereum Blockchain. The value of ETH has risen much higher since the publication of the report, pushing the current balance values even higher. This is the highest ever value of miner ETH balances. Additionally, miners keep their bags. They refuse to sell until the market becomes more favorable.
Ethereum climbs for record price
The recent growth of ETH has greatly contributed to the increase in the value of miner ETH balances. This, combined with the growing feeling of holding among miners, has driven miner balances to record highs. But it’s not just miner balances that are returning to record highs. Ethereum price suffered in the bloody September. This brought the price of the largest altcoin below $3,000 and approached a one-month low of $2,600 for ETH.
Now, with the current recovery trends, the ETH price is poised to break a new record high, according to analysts. The recent breakout of ETH has positioned its price well above $3,600. Indicators point to a bull rally that pushed the price of the leading altcoin above $4,000. Market analysts’ end-of-year forecasts placed it at a price mark of $5,000, with Bitcoin reaching $100,000. It is too early to say whether Ethereum will meet the price targets set by analysts. However, it is now trading in the green and remains favored among crypto investors. The price of ETH was around $3,604 at the time of writing.
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