Ether Prices Flirt With $3,800, Reaching Highest Since May

Ether Prices Flirt With $3,800, Reaching Highest Since May

Ether prices have enjoyed some compelling gains lately, breaking through the $3, 500 level earlier today and approaching $3, 800 this afternoon. At this point, it was trading at its most elevated value since May 16, additional CoinDesk data reveals. Further, it was up more than 100% after falling to nearly $1, 700 in late June. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] Several analysts weighed in on the digital asset's recent strength, speaking to the various factors helping drive it higher. "Ether has continued to rise for a number of reasons, creating the perfect storm for price appreciation," said Scott Melker, a crypto investor and analyst who is the host of The Wolf Of All Streets Podcast. "Investors and believers continue to stake their coins in advance of Ethereum 2. 0, and on countless CeFi platforms for yield, dramatically reducing the supply," he noted. "The enactment of the London Hard Fork and EIP-1559 have created a supply side shock, with the burning of 500M in coins in the first few weeks. Eth inflation is actually less than that of