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Ethereum is on the verge of an exciting breakthrough, with its price showing signs of heading toward the key $3,000 mark. As one of the most popular cryptocurrencies, ETH has faced ups and downs, but recent trends suggest that it’s preparing for a rally. In this article, we’ll explore why Ethereum price is gearing up for this potential rise and what factors need to come together to push its price above this important psychological level. Recent Ethereum Price Movements Explained ETH/USD Daily chart- TradingView  The current price of Ethereum stands at $2,645.94, with a 24-hour trading volume of $15.02 billion, a market capitalization of $318.51 billion, and a market dominance of 13.40%. Over the past 24 hours, ETH has seen a price increase of 1.05%. Ethereum hit its all-time high on November 10, 2021, when it reached $4,867.17. On the opposite end, its all-time low occurred on October 21, 2015, at just $0.42. Since hitting its peak, Ethereum dropped to a low of $897.01 (cycle low) and later rebounded to a high of $4,094.18 (cycle high). Currently, market sentiment is neutral for Ethereum, and the Fear & Greed Index shows a reading of 72, indicating greed in the market. Ethereum has a circulating supply of 120.38 million ETH, with a modest yearly supply inflation rate of 0.09%, meaning that 114,010 ETH were added over the past year. Institutional Support and Technological Advancements Could Propel Ethereum to $3,000   ETH price could very well reach the $3,000 mark due to several key factors, most notably the advancements in its scalability and institutional investment trends. One of the most significant developments is the rollup-centric roadmap outlined by co-founder Vitalik Buterin, which aims to push Ethereum’s transaction processing capabilities to 100,000 transactions per second (TPS).  This massive increase in TPS would dramatically improve…

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Filed under: News - @ October 19, 2024 6:21 am