ethereum market performance has steadily increased since October, marking a long-lasting positive trend. Increased buying activity has been the main driver of this positive momentum that has persisted over time, pushing the cryptocurrency past the much-vaunted $2,000 resistance mark and sparking a continued rally.
The value of ethereum has grown considerably as a direct result of this increased demand and market optimism, with an eye on breaking the crucial $2,300 resistance region. This upward trend serves as further evidence of growing investor confidence and general optimism around ethereum, thus cementing its place in the changing cryptocurrency market.
ethereum Hits 18-Month Highs, Targets $3,000
ethereum, the world's second-largest cryptocurrency, is rising rapidly and has reached levels not seen in the previous 18 months. With a market valuation of $285 billion, eth is now trading 5.7% higher at $2,375 at press time. Some speculators have even shared $3,000 price predictions for eth amid the latest market breakout.
ethereum's approaching resistance level poses a major challenge for buyers of the altcoin, including the fixed $2.5k barrier, which has often proven to be a major obstacle. But if the market is able to recover this critical area, ethereum may reach $2,500, or even $3,000, in the future.
ethereum currently trading at $2,358 territory on the daily chart: TradingView.com
As ethereum overcomes new obstacles, investors and market observers are closely monitoring the situation. A notable indication of the growing interest from institutional investors is the enthusiasm with which major players such as VanEck, BlackRock, and Grayscale await authorization for ethereum Spot ETFs.
According to Santiment, a chain data service, eth-price%2F” target=”_blank” rel=”nofollow”>ethereum has reached $2,349, its highest price since June 2022. The combination of the long-term positive trend indicating an increase in the wealth of the top non-exchange whale portfolios and a decrease in the selling power of the top exchange whale portfolios presents a situation conducive to stability. ascending trend.
Non-exchange ethereum holdings rise to 55 million eth
A recent tweet from Santinment highlights some intriguing variations on ethereum wallet mechanics. Exchange wallets recorded a five-year low of 9.3 million eth, while major non-exchange wallets are amassing a record 54.6 million eth. This movement points to upward trends, with wealth creation through non-exchange transactions and less selling pressure.
Over the course of two months, a bearish divergence between the price and the RSI indicator grew, pointing to possible overvaluation of ethereum at this time. Given the current market characteristics, even if buyers appear to be in control and overall sentiment is bullish, there is a significant chance of a brief corrective phase involving consolidation and higher volatility in the near future.
Meanwhile, a recent ACDE meeting provided information about the impending Dencun fork of ethereum, which will occur in January 2024. The testnet fork of the Goerli network was well prepared by the development teams, which opened the door to a larger fork of the Goerli shadow network in the coming weeks.
ACDE#176 happened today – we discussed the status of Dencun, timelines for test networks, and how to approach planning for the next network upgrade
Diary: https://t.co/ATVLQ7f9Xp
Stream: https://t.co/tDM0tDKxC5Summary below https://t.co/PhGBkYxhYN
– timbeiko.eth (@TimBeiko) December 7, 2023
By using proto-danksharding, Dencun is expected to significantly increase data availability for layer 2 digests. This improvement should result in lower cumulative transaction costs, which will eventually help end customers.
The overall effects of Dencun include rollups that increase ethereum scalability, gas fee optimization, improved network security, and the implementation of several internal updates.
As the price of ethereum rises past the $2,300 milestone, speculation intensifies over the cryptocurrency's potential to reach the next significant threshold of $3,000. The recent upward trajectory reflects the market's confidence in ethereum's underlying technology and its role in the evolving digital landscape.
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