Popular Analyst Predicts Ethereum Price Will Reach New Levels

On Friday, the price of Ethereum (ETH) increases by more than 10% to a 24-hour high of $1,339.

The XEN Crypto project's high ETH gas fees, along with a decline in the U.S. dollar index and other macros, are what are driving the surge. According to Rekt Capital, a cryptocurrency analyst, the next bullish momentum for ETH depends on it switching $1,450 into support.

Price of Ethereum (ETH) To Confirm Uptrend After $1450

In a tweet on October 14, renowned analyst Rekt Capital asserts that turning $1,450 into support will only solidify an upward for ethereum.

Rekt Capital, meanwhile, thinks Ethereum has already encountered significant barrier. For the previous few weeks, it has been circling below the resistance level. Only if $1,450 turns into support will the ETH price move in the direction of the bulls. Ethereum is now under pressure till then.

Ethereum continues to trade above $1,300 despite the US dollar index (DXY) once more crossing over 113. Given that there is little chance of further decline, the price of ETH is most likely to move upward or sideways.

As of right now, 1,592,964 addresses are holding at least one Ethereum, according to report. Additionally, there are 1,228 addresses sending ETH to exchanges, a 21-month low. It shows that traders' interest is growing and that the price of ETH is most likely to climb.

Deflationary Trends in Ethereum Occur Due to High Gas Fee Burns

The EIP-1559 burning process is thought to cause Ethereum to go into deflation, hence lowering the total amount in circulation. Nevertheless, following the Merge, the ETH supply increased further and, according to data, started to deflate on October 8. The XEN Crypto project's exorbitant ETH gas burn fees were the cause of it.

16,954 ETH have been destroyed by XEN Crypto in the past 7 days, totaling 4,539.51 ETH burned. Since the project's launch on October 8, there have been over 6,000 ETH fewer Ethereum in circulation.