Burn Baby Burn - Etherum is now in a deflationary spiral and the price can now resume it's upward trend to all time highs!

What happened to get ETH a major leg up over the past 48 hours? Ethereum Improvement Protocols (EP) went live. What this means is that this  new fork will help the network become more efficient in terms of gas fees and, probably most importantly, it is starting to burn those fees (basically sending them to ETH addresses that are not accessible by anyone - which will reduce supply).

What are the effects?

Bitcoin has always had the edge in that people it has the 21 million cap. Ethereum didn't. With this new fork, Ethereum will possibly similarly be capped (or at a minimum it won't grow as much). The network is now burning new ether.

As of 6pm Pacific Coast Time on 6 August, 7,300 ETH have been burned:

you can monitor it here https://ultrasound.money/

The price of ETH has risen close to $1,200 in the last 3 days from a low of close to $1700 to close to $2,900 on Friday evening. From a technical perspective this has led to a breakout which now means that it is likely to reach $3,300 in short order. Graphically it looks like this:


ETH holders, enjoy the ride...

Speaking of enjoyment, here are two funny screen shots, one is a tweet and the other is the news that Ethan Allen Interiors will be changing it's stock code from ETH to ETD.








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