Ethereum price soars above $2,300
Ethereum’s market performance has been steadily rising since October, showing a positive and continuous trend. Increased buying activity has been the main driver of this positive momentum that has persisted over time, sparking a sustained rally for the cryptocurrency past its vaunted $2,000 resistance level.
The value of Ethereum has grown rapidly as a direct result of increased demand and market optimism, and Ethereum is targeting a breakout of the important resistance area at $2,300. This upward trend serves as further evidence of growing investor confidence and overall optimism surrounding Ethereum, solidifying its position in the changing cryptocurrency market.
Ethereum reaches 18-month high, reaches $3,000 target
Ethereum, the world’s second largest cryptocurrency, is rising rapidly and has reached levels not seen in the past 18 months. ETH, with a market cap of $285 billion, is currently trading at $2,375, up 5.7% at the time of publication. Some speculators have even shared ETH price predictions of $3,000 amid the recent surge in the market.
Ethereum’s looming resistance levels pose major challenges for altcoin buyers, with the $2.5K fixed barrier often appearing as a significant hurdle. However, if the market can recapture this important area, Ethereum could reach $2,500 or even $3,000 in the future.
Ethereum currently trading at $2,358 territory on the daily chart: TradingView.com
Investors and market watchers are closely watching the situation as Ethereum breaks down additional hurdles. A notable sign of increased interest from institutional investors is that major players such as VanEck, BlackRock, and Grayscale are awaiting approval for a Spot Ethereum ETF.
According to Santiment, an on-chain data service, Ethereum reached $2,349. The positive long-term trend indicating increasing wealth in leading non-exchange whale wallets and decreasing selling power in leading exchange whale wallets combine to suggest a stable picture. Rising trend.
Ethereum’s non-exchange holdings surge to 55 million ETH
A recent tweet from Santinment highlights some interesting variations of the Ethereum wallet mechanism. Exchange wallets hit a five-year low of 9.3 million ETH, while top non-exchange wallets hit a record 54.6 million ETH. This move signals an upward trend in building wealth through non-exchange trading and reducing selling pressure.
For two months, the bearish gap between price and RSI indicators has grown, pointing to a possible overvaluation of Ethereum at this point. Given the nature of the current market, it is quite likely that we will see a brief correction phase involving consolidation and high volatility in the near future, even if buyers are in charge and overall sentiment is optimistic.
Meanwhile, the recent ACDE meeting provided information about Ethereum’s Dencun fork, which is scheduled to occur in January 2024. The Goerli network testnet fork has been well prepared by the development team, opening the door for a larger Goerli shadow network fork. Next few weeks.
ACDE#176 occurred this morning. We discussed the status of Dencun, its testnet schedule, and how to approach planning the next network upgrade ⛓️
Agenda: https://t.co/ATVLQ7f9Xp
Stream: https://t.co/tDM0tDKxC5Summary below 👇 https://t.co/PhGBkYxhYN
— timbeiko.eth ☀️ (@TimBeiko) December 7, 2023
Dencun is expected to significantly increase data availability for layer 2 rollups using proto-danksharding. These improvements will lower roll-up transaction costs and ultimately benefit end customers.
Dencun’s overall impact includes rolling up Ethereum’s scalability, optimizing gas fees, improving network security, and deploying several housekeeping upgrades.
With the price of Ethereum surging past $2,300, speculation is intensifying about the possibility of the cryptocurrency reaching $3,000, the next important threshold. The recent upward trajectory reflects the market’s confidence in Ethereum’s underlying technology and its role in the evolving digital landscape.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is at risk.)
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