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Ethereum ETH ultrasound money

Analyst Ultra Bullish On Ethereum Citing Better Fundamentals: Is It True?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Taking to X on November 15, @sassal0x, a vocal Ethereum supporter claiming to be an independent educator and angel investor, is confident about ETH’s prospects, citing solid fundamentals. In the researcher’s assessment, these factors make the coin a superior option for long-term value accrual than all other crypto assets, including Bitcoin (BTC) and decentralized finance (DeFi) projects like Uniswap and Aave. 

Ethereum Bulls Capped Below $2,100

Ethereum is the second most valuable cryptocurrency by market cap at spot rates. Changing hands above the psychological $2,000 level, ETH is in an uptrend, more than doubling from 2022 lows when prices tanked as market sentiment took a turn for the worse following the collapse of FTX, the defunct crypto exchange. 

Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView

Whether this uptrend will remain as we advance is unclear. As it is, the immediate support level stands at $2,000. Meanwhile, prices are trending inside the bullish bar of November 9. This bullish, engulfing bull bar with a relatively high trading volume anchors the current trend. Nonetheless, for uptrend continuation, there must be a solid close above $2,100 and November 2023 highs for @sassal0x’s outlook to be valid. 

Is ETH Ultra Sound Money Yet?

Despite confidence in crypto and Ethereum communities, ETH bulls have failed to breach this resistance level. Still, experts are upbeat, expecting ETH to float higher as sentiment improves. Part of these tailwinds will be due to what Ethereum supporters claim to be ETH’s gradual evolution to become “ultrasound money.” 

Related Reading: Polygon Introduces Governance 2.0 With Proposed Protocol Council For Smart Contract Upgrades

Whether ETH, as of November 15, has reached “ultrasound money” status remains a matter of debate. However, theoretically, once Ethereum’s burning rate is higher than inflation, the coin will be deflationary. As more users demand ETH to pay gas fees when transferring assets or deploying smart contracts, Ethereum will be burning more coins, making it “scarce money,” which is more desirable. 

Over 3 million ETH burned | Source: Ultra Sound Money
Over 3 million ETH burned | Source: Ultra Sound Money

Ethereum implemented EIP-1559 on August 5, 2021, as part of the London hard fork, introducing a burning mechanism that destroys part of gas fees, effectively taking more ETH out of the circulating supply. So far, according to UltraSound Money, over 3 million ETH has been burned since the activation of EIP-1559.

While billions of ETH continue to be removed from circulation, it has not been enough to make the coin ultrasound because annual inflation is higher than the burn rate. 

Related Reading: POL Smart Contracts Deployed On Testnet: Here’s Why It Is Super-Important For Polygon

ETH burning might be accelerated as the market recovers, driving interest in the DeFi and non-fungible token (NFT) sectors. Due to the extended bear market, DeFi activity shrunk as total value locked (TVL), mainly in Ethereum, fell to as low as $20.5 billion in 2023.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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