Ethereum

Future

Dollars

<p>Ethereum, the world’s second-largest cryptocurrency by volume, has once again risen to the $2,100 level, showcasing a robust price movement across the market. The surge followed discussions initiated by the U.S. SEC regarding the approval of a spot Ethereum ETF. At the time of writing, ETH has a market value of $252 billion and is trading at $2,099, marking a 2% increase.</p>
<h2 id="ethereum-s-future-prospects">Ethereum’s Future Prospects</h2>
<p><a href="https://en.coin-turk.com/popular-altcoin-on-binance-declared-a-security-by-sec-fil-coin-faces-high-volatility-and-possible-plunge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a> <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">analyst</a> Michael van de Poppe has turned his attention to Ethereum’s potential rise following the Fidelity application filing. According to this application, he shared a tweet stating that he believes Ethereum is poised to reach $3,500 by the first quarter of 2024, following <a href="https://en.coin-turk.com/where-are-cryptocurrencies-going-bloomberg-and-paul-tudor-predicted/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s rise.</p>
<p>Recent data suggests that Ethereum whale accumulation is continuing robustly. Furthermore, on-chain data shows significant changes in wallet holdings. According to Santiment, the largest Ethereum wallets are exhibiting a positive pattern, indicating a significant shift.</p>
<p>While exchange wallets have receded to their lowest level in six months at 8.03 million ETH, non-exchange wallets have risen to an all-time high of 41.03 million ETH. This trend suggests an increasing preference for self-custody as more coins move away from exchanges.</p>
<h2 id="eth-price-in-dollars">ETH Price in Dollars</h2>
<p>In November, the price of ETH increased by 13%, outperforming Bitcoin’s 8% rise. Several significant factors contributing to Ethereum’s growth include Blackrock’s official application for a spot ETH ETF (Ethereum Exchange-Traded Fund).</p>
<p>However, despite a decrease in media speculation surrounding ETFs, data shows that Ethereum’s price movements have exceeded those of Bitcoin. This trend in Ethereum may encourage undecided investors and short-term day traders to invest more in ETH than BTC in December.</p>
<p>Data from IntoTheBlock indicates that ETH’s 30-day Average Intraday Volatility currently appears higher than that of Bitcoin. According to the provided graph, Ethereum’s average volatility score is 0.45%, while Bitcoin’s is 0.32%.</p>
<p>For a significant part of November, the Ethereum price oscillated between $2,133 and $1,917, indicating a sideways movement. This repeated testing of horizontal levels twice signaled a sense of uncertainty among market participants.</p>
<p>During the 2-week consolidation period in price, Ethereum twice recoiled from the $2,133 resistance, revealing a considerable amount of overall supply. These pullbacks in price sparked rumors of a potential bullish reversal pattern known as a Double Bottom on the daily chart. Whether the ETH price will rise to $3,000 before the end of 2023 remains uncertain.</p>
<ul class="summary">
 <li>Ethereum price shows promising signs of growth.</li>
 <li>Market volatility and investor sentiment are key factors.</li>
 <li>Prospective gains maintain excitement for Ethereum’s future.</li>
</ul> Continue Reading: <a href="https://en.coin-turk.com/ethereums-resurgence-analyzing-the-potential-for-a-new-price-peak/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/ethereums-resurgence-analyzing-the-potential-for-a-new-price-peak/</a>

Ethereum’s Resurgence: Analyzing the Potential for a New Price Peak

Table of Contents

COINTURK NEWS

Other articles published on Dec 1, 2023

300 Million Dogecoin (DOGE) Moved To Robinhood As Price Swells

Bitcoin hits 2023 high. What will happen to cryptocurrencies in December

XLINK Launch: Bridging Bitcoin to Ethereum to Boost DeFi Transactions

Top 5 Altcoins That Could Ignite the Next Bull Market

The chairman of MicroStrategy announces the acquisition of an additional 16,130 BTC for a total o...

Hoskinson Slams Bitcoin Maxis, Argues Bitcoin Started Centralized

Join our free newsletter for daily crypto updates!