surrounding emotions Ethereum The second-largest cryptocurrency token by market capitalization appears to be very bullish at the moment. that dominance A surge for Bitcoin. As cryptocurrency analyst Jaydee said, the rise of Ethereum against flagship cryptocurrency tokens is also important. Recently suggested This means that we can welcome altcoin season.
Optimistic prediction for Ethereum price
Cryptocurrency analyst Ali Martinez That fact was emphasized recently. Ethereum occurs in rising triangle On the weekly chart. According to him, the cryptocurrency token is eyeing the $3,400 price level despite short-term volatility. Mayne, cryptocurrency analyst supporting Ali’s analysis shared It is their belief that $3,400 remains a viable target for ETH price.
Interestingly, Mayne hinted that an “ETH beta” could run alongside ETH if such a significant price surge begins. These ETH betas include tokens such as the native tokens of Ethereum’s layer 2 networks Optimism and Arbitrum.
Crypto analyst Ash Crypto also suggested the following: Optimistic prediction for ETH price Commenting on market conditions. that Advert The money is currently flowing from Bitcoin to Ethereum, and it won’t be long before Ethereum is trading above $3,200.
ETH trading above the $3,000 price level appears to be a consensus based on this prediction. Michaël van de Poppe, CEO and founder of MN Trading, previously said: suggested ETH is also said to rise above $3,000 on its way to $3,500. Poppe then boldly claimed that this price prediction would come true in the first quarter of 2024.
Meanwhile, cryptocurrency analyst ColdBloodedShill said in a recent report: X post ETH is likely planning higher prices as long as it remains above $2,400. The $2,400 price range appears to be an important support level as ETH is expected to break out. Cryptocurrency analyst Bluntz Capital also highlighted This is the price point (specifically $2,495) that he mentioned that an eventual breakout would occur as long as ETH holds above that level.
ETH bulls struggle at $2,500 | Source: ETHUSD on Tradingview.com
Confidence in Ethereum growing stronger
Market information platform Santiment It was recently revealed that the number of new ETH addresses is increasing as Ethereum continues to outperform Bitcoin. It is reported that 89.4 thousand addresses were created every day during this period. This is a significant increase compared to 70.4 addresses created per day at the end of last year and early November.
Santiment also added: Exchange supply of ETH The stock has fallen sharply by 8.10% (since the opening week of trading) and is very close to its all-time low of 8.05%. Such developments generally suggest that: ETH holders We are looking at ways to hold on to our holdings for the long term by moving them into our own custody.
Featured image from TechRadar, chart from Tradingview.com
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