Sotheby’s considers Ethereum a ‘first class currency’ while ETH price recovers
- In a recent auction of two of Banksy’s paintings, Sotheby’s listed Ethereum as a payment option, referring to ETH as a ‘first class currency.’
- Average gas fees on the ETH network corrected by 80%, boosting on-chain activity and pushing ETH price above $4,300.
- Ethereum whales scooped up ETH tokens through the dip, changing the altcoin’s supply dynamics and fueling a bullish narrative.
- SmartContracter, a pseudonymous analyst, has predicted that ETH will hit a new all-time high after correcting a three-wave A-B-C pattern.
As the overall cryptocurrency market is undergoing recovery, Ethereum has bounced past the $4,300 level. Analysts are bullish on ETH price and believe that the altcoin could hit a new all-time high in the ongoing bull run.
Ethereum is considered a ‘first class currency’ at Sotheby’s table
At an auction of two of renowned artist Banksy’s paintings, Sotheby’s price table accepted Ethereum as payment and referred to the altcoin as a ‘first class currency.’ “Trolley Hunters” and “Love Is In The Air” were bought for Ethereum at the unique auction.
Proponents consider it a key milestone for Ethereum adoption as the 250-year-old British-American auction house recognized ETH and accepted it as payment.
The average gas fee on the Ethereum network has consistently dropped since the London hard fork. Gas fees have dropped nearly 80%, driving higher transaction volume and on-chain activity on the ETH network.
ETH whales scooped up tokens through the dip and fueled the altcoin’s price rally. @venturefounder, a cryptocurrency analyst, notes that the net ETH outflow from exchanges has increased. Historically, ETH accumulation has driven the altcoin’s price higher.
#Ethereum exchange net outflow in 2021:
— venturefoundΞr (@venturefounder) November 12, 2021
The key thing you have to know about #ETH is, it is ALWAYS in accumulation.
Just the red days accumulation is more than green days. This is one of the reasons why #ETH is always going up, and why I am massively bullish on ETH pic.twitter.com/0M0aqZvoQw
The changing supply dynamics, driven by whale accumulation and increasing exchange outflow, could fuel an Ethereum price rally to a new all-time high.
@SmartContracter, a pseudonymous cryptocurrency analyst, predicted that ETH price would hit a new all-time high based on the Elliot Wave Theory. Once the altcoin’s price corrects in a three-wave pattern, it is expected to recover from a pullback.
FXStreet analysts have evaluated the ETH price trend and predicted a reversal as the altcoin heads to $4,600.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
