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Ethereum (ETH) appears to have finally awakened from its slumber as the second-largest cryptocurrency by market cap has jumped 8% in the past 24 hours, surpassing the key price level of $3,800.
Is an ETH candle on the horizon?
Ethereum’s rise appears to be in line with the decline of Bitcoin’s (BTC) dominance. This important metric is tracked to measure the proportion of the total cryptocurrency market capitalization controlled by the top cryptocurrency.
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According to the chart below, Bitcoin’s dominance has declined Significantly Over the past two weeks – it has decreased from 61.1% on November 20 to 54.9% at the time of writing. Ditto I mentionedTrading firm QCP Capital highlighted Bitcoin dominance falling below 58% as a key condition that could signal the start of altcoin season.
With ETH now surpassing the $3,800 level, analysts are pondering how far the digital asset can rise. Cryptocurrency analyst @venturefounder subscriber His target for ETH is on
Likewise, cryptocurrency analyst Ali Martinez shared his insight on ETH’s recent price action. Martinez stressed that the $3,300 support level could be a “potential buying opportunity” should the digital asset pull back from the recent rally.
Martinez added that his medium-term target for ETH remains $6,000, while the long-term target is $10,000. The analyst also highlighted the steady growth of the Ethereum network over the past month, with more than 134,000 new Ethereum addresses added daily.
Another crypto enthusiast, @MisterSpread male That if ETH breaks the $4,000 area, there is “a high probability that we will see a divine candle reaching $5,000.” In fact, ETH breaking out of a three-year downtrend and attempting to achieve a new all-time high (ATH) has caught the attention of the entire cryptocurrency industry.
Ethereum’s fundamentals continue to strengthen
Although BTC has led much of the current cryptocurrency rally, experts He believes Ethereum could be its time to shine due to multiple positive developments in the best smart contract platform. For example, exchange-traded funds (ETFs) are finally here attract Large daily inflows, constantly rivaling BTC ETFs.
Furthermore, there are several proposed network upgrades – incl Ethereum Improvement Proposal-7781 And possibility discount The amount of ETH required to participate in signing on the network can serve as catalysts for ETH to access new ATH.
However, concerns It remains About the narrative of “ultrasound money” for ETH due to the high inflation witnessed in the cryptocurrency issuance rate. ETH is trading at $3,820 at press time, up 8 % during the last 24 hours.
Featured image from Unsplash, charts from X.com and Tradingview.com
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