Ethereum Price Soars To Over $2,300 – Is $3,000 Next?
08 Dicembre 2023 - 3:00PM
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The market performance of Ethereum has been steadily rising since
October, marking a positive and long-lasting trend. Increased
buying activity has been the main driver of this positive momentum
that has persisted over time, pushing the cryptocurrency beyond the
vaunted $2,000 resistance mark and igniting a continuing rally. The
value of Ethereum has sharply grown as a direct result of this
increased demand and market optimism, with its sights set on
breaking through the crucial resistance region at $2,300. This
upward trend serves as another evidence of the increasing investor
trust and general bullishness surrounding Ethereum, thereby
solidifying its place in the changing cryptocurrency market.
Related Reading: This BRC-20 Token Just Breached $1 Billion Market
Cap With 180% Rally Today – Details Ethereum Hits 18-Month Highs,
Targets $3,000 Ethereum, the second-largest cryptocurrency in the
world, is rising quickly and has reached levels not seen in the
previous 18 months. With a market valuation of $285 billion, ETH is
now trading 5.7% higher at $2,375 as of the time of publication.
Some speculators have even shared $3,000 price predictions for ETH
amid the latest market breakout. Ethereum’s approaching resistance
level poses a huge challenge to buyers of the altcoin, including
the fixed barrier at $2.5K, which has frequently shown to be a
significant roadblock. But if the market is able to recapture this
critical area, Ethereum may go on to reach the $2.5K – or even
$3.000 — in the future. Ethereum currently trading at $2,358
territory on the daily chart: TradingView.com As Ethereum breaks
down further obstacles, investors and market watchers are keeping a
close eye on the situation. A notable indication of the increased
interest from institutional investors is the eagerness with which
major players like VanEck, BlackRock, and Grayscale are awaiting
clearance for Spot Ethereum ETFs. According to Santiment, an
on-chain data service, Ethereum has reached $2,349, its highest
price since June 2022. The amalgamation of the positive long-term
trend indicating a rise in wealth for the leading non-exchange
whale wallets and a decrease in sell-off power for the leading
exchange whale wallets presents a propitious situation for a steady
upward trend. Ethereum’s Non-Exchange Holdings Surge To 55M ETH A
recent tweet from Santinment highlights some intriguing variations
in Ethereum’s wallet mechanics. Exchange wallets saw a five-year
low of 9.3 million ETH, while top non-exchange wallets are building
up to a record 54.6 million ETH. This move points to upward trends,
with wealth building through non-exchange transactions and
decreased selling pressure. Related Reading: XRP Greed Index Soars,
Backed By Robust $1.3 Billion Volume – Good For Price? Over the
course of two months, a bearish divergence between the price and
the RSI indicator grew, pointing to a possible overvaluation of
Ethereum at this point. Given the current characteristics of the
market, even if buyers seem to be in charge and overall sentiment
is bullish, there is a significant likelihood of a brief corrective
phase that involves consolidation and higher volatility in the near
future. Meanwhile, a recent ACDE meeting provided information
about the impending Dencun fork of Ethereum, which is set to occur
in January 2024. The Goerli network testnet fork was well-prepared
for by development teams, opening the door for a larger Goerli
shadow network fork in the coming weeks. ACDE#176 happened earlier
today: we discussed the state of Dencun, timelines for testnets,
and how to approach planning the following network upgrade ⛓️
Agenda: https://t.co/ATVLQ7f9Xp Stream: https://t.co/tDM0tDKxC5
Recap below 👇 https://t.co/PhGBkYxhYN — timbeiko.eth ☀️ (@TimBeiko)
December 7, 2023 By using proto-danksharding, Dencun is expected to
greatly increase data availability for layer-2 rollups. This
improvement should result in lower rollup transaction costs, which
will eventually help end customers. Dencun’s overall effects
include rollups that increase Ethereum’s scalability, gas fee
optimization, improved network security, and the deployment of
several housekeeping upgrades. As Ethereum’s price surges to
surpass the $2,300 milestone, speculation intensifies about the
cryptocurrency’s potential to reach the next significant threshold
of $3,000. The recent upward trajectory reflects the market’s
confidence in Ethereum’s underlying technology and its role in the
evolving digital landscape. (This site’s content should not be
construed as investment advice. Investing involves risk. When you
invest, your capital is subject to risk). Featured image from
Shutterstock
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