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With the introduction of EIP-1559 however, the base fees website used in transactions are burned, removing the ETH from circulation. This means higher activity on the network would lead to more ETH burned, and the decreasing supply should lead to appreciation of Ethereum price, all things equal. This has the potential to make Ethereum deflationary, something ETH holders are excited about — a potential appreciation in Ethereum price today. On the downside, a weekly close below the lower boundary of the flag at $3.1 trillion could trigger another sell-off first toward the 50-day simple moving average (SMA) at $2.75 trillion and later to the base of the flag at $2.31 trillion. The bullish momentum that propelled Bitcoin ($BTC) to a 27.9% “Uptober” gain is waning on Nov. 2 as $BTC lost 2% in intraday trading. Bitcoin price seemingly is overheated with $BTC derivatives providing worry, even after markets reacted positively to the Federal Reserve’s Nov. 1 decision to pause interest rate hikes.
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