Ethereum (ETH) Continues Upside Despite Mining Profitability Drop
Briefly –
- Ethereum’s miners recorded a drop in profitability as Ether price succumbed to the latest bloodbath in the Satoshi streets.
- Electricity usage by some of the leading crypto networks declined by up to 50% as miners contemplated shutting shops.
- ETH price experienced trend reversals, and analysts forecasted an uptrend continuation for Ethereum.
Ethereum continues its rally regardless of the decline in mining profitability. Meanwhile, the plunge in ETH mining profitability saw electricity usage plunging, with miners focused on stopping operations and closing their shops.
Miners Left ETH Network as Profitability Dropped
The latest bloodbath in the crypto space triggered an increase in miners’ overhead costs. Ethereum miners encountered challenges as ETH prices crashed alongside a market-wide slump. Meanwhile, the declined electricity consumption has experts suggesting that miners were leaving the two leading crypto platforms, Bitcoin & Ethereum.
Ethereum network’s electricity usage stood at 93.98 TW/h on 23 May before a sharp drop emerged. The platform’s power consumption saw an approximately 50% decline to 47.43 TW/h within the previous month.
ETH Price Sees Trend Reversal
Inside Bitcoins’ analysts analyzed ETH’s daily price chart, noting that the altcoin recently crossed beyond the 21-day MA and the next hurdle stands at $1,400. Such developments might clear the path towards $1,600. Moreover, experts have placed upside targets at $1.8K, $2K, and $2.2K. Analysts see the leading alternative token climbing to the channel’s topside boundary and forecasted upside continuation for Ether prices.
Ethereum’s latest upside stance comes as the broad market records impressive upswings. The past 24 hours saw most assets in the cryptocurrency market entering green following attractive overnight gains. While publishing this post, the global crypto market capitalization stood at $964.18 billion, surging 3.32% within the past 24 hours. Moreover, the total market volume saw a 0.03% increase within 24 hours to $63.55 billion (Coinmarketcap data).
Also, BTC noted upswings to explore value areas well beyond the $21K mark. While publishing this blog, Bitcoin traded at $21,415.15, following a 2.97% increase within the past 24 hours. Maintaining the ongoing bullish stance would see steady uptrends in the upcoming sessions. Nevertheless, bulls should trigger massive volumes to erase prevailing bears’ presence in the market.
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