Ethereum On Bulls Power, Eyes $4,000 Mark
The crypto market’s renewed enthusiasm after Donald Trump’s election victory boosts Ethereum’s comeback.
Recent price movements indicate that Ethereum may see more profitable trades that break through the $3800 barrier and support the notion that the bullish trend will continue in the coming sessions. This serves as a reminder that buyers’ next target is $4000.
Ethereum’s cumulative short liquidations experienced a sharp jump, signaling a significant price milestone that could have a cascading effect if broken. The sheer number of potential liquidations, coupled with the large number of traders betting against ETH’s bullish trend amid increased market leverage.
ETH has demonstrated growing bullish sentiment by setting up solid support levels at $3,300 and $3,5000 support lines. Important moving averages, including the 50, 100, and 200 EMAs, point upward, support the positive momentum. After breaking out of a consolidation phase, there was a rally in early November, and the current price of $3,565 is still just below testing resistance at $3,800.
Ethereum’s ascent and BTC’s waning dominance may portend a more significant change in the cryptocurrency market. Investors seem to be diversifying their holdings to capitalize on opportunities presented by cryptocurrencies other than Bitcoin. This pattern might also be a sign that the market is maturing and that investors are now considering cryptocurrencies on their own merits rather than just Bitcoin.
The Ethereum Foundation (EF) has declared a significant financial commitment, allocating “tens of millions” of dollars to the development of zero-knowledge Virtual Machines (zkVMs), that will improve the Ethereum ecosystem’s scalability and security.
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