As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless market cycles and trends. From the dot-com bubble to the crypto craze, I have seen it all. However, nothing quite compares to the current state of the Ethereum market.
Over the past two weeks, Ethereum (ETH) has been stuck in a corrective phase, but it has now established a strong support level above $3,050 on the daily chart, suggesting a possible bullish trend resumption in the short term. This large-cap cryptocurrency, with a fully diluted market cap of approximately $378 billion and an average daily trading volume of around $35 billion, has risen by over 2% today, currently trading at around $3,140 during the mid-London session.
Today, Bitcoin‘s price reached a new peak of over $97,800, while Ethereum is building positive momentum. Notably, Ethereum seems to be forming a potentially bullish ‘flag’, within a descending symmetrical triangle in its chart. Also, the total market cap for Bitcoin stands at approximately $1.93 trillion, with a 24-hour trading volume of around $103.23 billion, and a 24-hour volatility rate of 4.7%.
Looking at it technically, the cost of Ether in US dollars has been making its initial correction as predicted by the Elliott wave theory, following a bullish breakout earlier this month. If this correction is successfully navigated, a surge above the current resistance level around $3,444 could push Ether’s price towards the next significant price range of between $3,900 and $4,000.
Based on Peter Brandt’s market analysis, the price of Ether relative to Bitcoin is being tested at a vital support line, potentially triggering a market turnaround. Given that Bitcoin’s dominance has touched a significant resistance level above 61%, Brandt suggests that the value of Ether might surpass that of Bitcoin in the short term.
As a researcher, I’m excitedly anticipating that I might soon witness Ethereum joining the growing trend. The signs indicate that we could be on the brink of an Altseason, which is likely to kick off once Ethereum successfully breaches its current Broadening Wedge pattern.
Midterm Target : 5440$#Crypto #Ethereum #ETHUSDT
— Captain Faibik 🐺 (@CryptoFaibik) November 21, 2024
Why Bet on Ethereum Bulls Ahead?
Although the Solana (SOL) system has experienced rapid expansion due to its meme coins, the Ethereum network continues to hold the top position in the web3 sector. Currently, the total value locked (TVL) on the Ethereum network is approximately $60 billion, and its stablecoins market cap stands at nearly $98 billion.
As a researcher delving into the realm of digital assets, I find myself increasingly intrigued by the growing interest among institutional investors in tokenizing real-world assets on the Ethereum blockchain. Consequently, it seems wise to keep a close eye on Ethereum’s altcoin in the forthcoming months. Furthermore, the potential for the real-world asset (RWA) market to unleash trillions of dollars in global investments is promising, with the Ethereum network already taking the lead in this innovative sector.
Over time, institutional investment in Ethereum has seen ups and downs following the approval of US-based spot Ether Exchange Traded Funds (ETFs). At present, these funds collectively show a net cash inflow of approximately $27.82 million, positioning their total assets under management (AUM) at around $8.98 billion.
BlackRock’s ETH Asset (ETHA) has kept adding Ethereum and now manages over $1.7 billion in Ether assets. Meanwhile, Grayscale’s Ethereum Trust (ETHE) experienced a net outflow of approximately $16.29 million on Wednesday, with a total assets under management (AUM) of $4.66 billion.
As Ether’s spot market continues to strengthen, there’s a strong possibility that Ethereum could experience a steep upward trend over the next few months, possibly reaching prices above $10,000 during this current bull run.
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2024-11-21 13:09