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Recent patterns indicate that the impetus fueling Ethereum’s climb is far from diminishing, and the price trajectory of the cryptocurrency has shown resilience. Ethereum may not be as advanced as some of its L1 competitors, but it stands out from the crowd thanks to its large developer community, immense acceptance, and crucial role in DeFi and other blockchain-based applications.
Ethereum Remains Firm At $2,347
At the time of writing, ETH was able to keep a strong footing at the $2,300 level, trading at $2,347, nearly unchanged in the last 24 hours, but tallied a 10% increase in the last seven days, data from Coingecko shows.
There is still a lot of room for profit in the current bull market, even though Ethereum’s price spike hasn’t been as dramatic as other altcoin’s. Size, liquidity, and being the leading platform for smart contracts all contribute to Ethereum’s continued appeal as an investment.
Ethereum currently trading at $2,341.6 territory. Chart: TradingView.com
This means that ETH’s price performance could be greatly enhanced by any further market increases. Ethereum, according to technical research, is about to see growth, and it is now testing key resistance levels. Both retail and institutional investors would be interested if the price breaks out above these levels, as it could indicate that the positive trend would continue.
🐳 #Ethereum has scratched its way to $2,349, its highest level since June, 2022. The long-term trend of top non-exchange whale wallets getting richer, and top exchange whale wallets having less sell-off power, is a promising combo for a continued climb. https://t.co/h7ogbqPLWf pic.twitter.com/82plXmVn02
— Santiment (@santimentfeed) December 7, 2023
For the first time in more than a year, Ethereum’s price has moved into a new range. The accumulation patterns seen in several top addresses indicate that this new range has created a chance for persistent price increases.
Ethereum’s Growing Holdings And 2024 Roadmap
The most popular Ethereum addresses on exchanges and those outside of them have shown clear patterns of accumulation in the last several months, according to new data from Santiment.
A large number of top non-exchange addresses have been buying Ethereum at different prices, which has caused their holding volume of ETH to rise steadily and now surpass 54 million.
At the same time, following their most recent execution layer meeting on December 8, Ethereum developers have laid out a detailed strategy for the network’s future in 2024, including new suggestions, major upgrades, and more.
Meanwhile, Ethereum is predicted to significantly outpace mega-cap tech stocks. After the Bitcoin miners’ payouts are halved, investment firm VanEck thinks Ethereum will soar. In the past, this has caused a fresh spike in the price of Bitcoin, with the proceeds going into altcoins.
Ethereum won’t surpass Bitcoin, despite surpassing large stocks, and what “flippening” rumors claim. It is still believed that Bitcoin will continue to lead in market capitalization even though there is a chance that ETH may gain value in daily transaction volume.
(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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