- Ethereum miners’ daily earnings jumped by more than 60% in July
- ETH price has been in a consolidation phase after it printed a 13-month high at $333 this month
- The buyers are targeting a move to $341 where the 127.2% Fibonacci extension is located
Ethereum (ETC) price has been mostly consolidating above $300, which is seen as a positive development for the buyers. Also, Ethereum miners’ daily earnings jumped by more than 60% in a month.
Fundamental analysis: Miners see their income jump significantly
Ethereum miners’ daily earnings jumped by more than 60%, according to Sparkpool. Additionally, the increase in daily income has also exceeded Ether’s (ETH) price surge of 40% in a month. The surge in profitability comes as a result of increasing transaction fees on the network and stagnating competition.
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According to Sparkpool, the daily profit of Ethereum miners was near $1.85 per 100 megahashes second (MH/s) on June 27. In July, particularly over the last two weeks, this figure has surged by 60% to $3.27 on July 25. Since that day, the number has declined to about $3.
Over that period, the price of ETH has increased by 40% to $327 on June 27, its highest mark for more than a year. Ethereum transaction fees have hit a two-year high thanks to the hype about decentralized finance (DeFi), which resulted in a surge in network activities.
Still, according to the blockchain explorer and analytics platform Etherscan, the total computing power on Ethereum has remained unchanged close to 190 petahashes per second.
As a matter of fact, daily mining income on the blockchain was under $2 per 100 MH/s in Q1 2020, before it declined to $1 per 100 MH/s due to the crypto market collapse on March 12, according to Bitinfocharts data. Since then, the daily income has tripled.
At the moment, Ethereum’s latest mining gear like the InnoSilicon’s A10 Pro which has a computing capacity of 485 megahashes per second (MH/s), can bring $12.92 in daily income at the current price of ETH and mining difficulty.
Technical analysis: Consolidation taking place
ETH/USD is currently consolidating above $300 after exploding 30% last week. A positive note for the ETH buyers is a fact that the price didn’t correct significantly once it printed a 13-month high at $333.
We don’t rule out a pull back that will see the price action move lower to retest the broken resistance below $290. However, this should be seen as an opportunity to get on the long side and target the 127.2% Fibonacci extension above $340.
Daily revenue of Ethereum miners has soared by 60%, topping the Ether’s price surge of 40% over the same period, the data shows. ETH price is comfortably trading above $300 as the buyers prepare to launch a new attempt to move higher.