Recent patterns indicate that the momentum fueling Ethereum’s rise is far from abating, and the cryptocurrency’s price trajectory 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 adoption, and critical role in DeFi and other blockchain-based applications.
Ethereum remains firm at $2,347
At the time of writing, ETH was able to maintain a strong position at the $2,300 level, trading at $2,347, virtually unchanged in the last 24 hours, but an increase of 10% in the past seven days, Coingecko data shows.
There is still a lot of room for gains in the current bull market, even if Ethereum’s price spike has not been as dramatic as other altcoins. Size, liquidity, and the leading smart contracts platform 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 significantly improved by further market increases. According to technical research, Ethereum is poised to see growth and is now testing key resistance levels. Both retail and institutional investors would be interested if the price breaks above these levels as this could indicate that the positive trend would continue.
#Ethereum has worked its way to $2,349, the highest level since June 2022. The long-term trend of the best non-exchange traded whale portfolios getting richer, and the best exchange traded whale portfolios having less selling power, is a promising combination for continued increase. . 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 shifted to a new range. The accumulation patterns seen across several top addresses indicate that this new range has created an opportunity for continued price increases.
Ethereum’s Growing Holdings and the 2024 Roadmap
According to new data from Santiment, the most popular Ethereum addresses on exchanges and beyond have shown clear accumulation patterns in recent months.
A large number of top non-exchange addresses have purchased Ethereum at various prices, causing their holding volume of ETH to steadily increase and now exceed 54 million.
At the same time they follow their most recent one implementation laggedDuring the meeting on December 8, Ethereum developers laid out a detailed strategy for the future of the network in 2024, including new suggestions, major upgrades and more.
Meanwhile, Ethereum is predicted to significantly outperform mega-cap tech stocks. After the Bitcoin miners’ payouts are halved, investment firm VanEck thinks Ethereum will rise. In the past, this has led to another spike in Bitcoin’s price, with proceeds flowing to altcoins.
Ethereum will not surpass Bitcoin, despite outpacing major stocks and some “flipping” rumors claim. It is still believed that Bitcoin will continue to take the lead in terms of market capitalization, even though there is a chance of ETH gaining value in daily transaction volume.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from Shutterstock
