Ethereum (ETH) Reclaims Five Month-High, But There’s a Catch
The post Ethereum (ETH) Reclaims Five Month-High, But There’s a Catch appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. This week remains one of the most volatile for digital currencies, with Ethereum (ETH) prominently featured. Over the past 24 hours, the digital currency soared as high as $3,687, marking a five-month high. The price has since cooled off, but CryptoQuant confirmed that the coin has resumed the second leg of its bull run. Ethereum’s quest for ATH At the time of writing, the price of Ethereum has slipped back to $3,620 but with a 5.92% surge in 24 hours. As CryptoQuant Analyst crypto sunmoon pointed out, Ethereum generally hits a higher price mark in subsequent bull cycles than what it creates in the first. Related Ethereum’s all-time high (ATH) is $4,891.70. Ethereum must grow by at least 26% at current prices to surpass this level. Herein lies the catch: Ethereum’s price has not retested the $4,000 resistance level since March of this year. At the time, the coin breached this level temporarily as the hype around spot Bitcoin ETF approval triggered the first round of the bull cycle to BTC’s ATH. If Ethereum can surmount this psychologically important level at $4,000, reclaiming the ATH might be possible. Fundamental leaning Ethereum has many competitors as a blockchain protocol, even among its layer-2 scaling solutions. With the evolution of new retail-focused economies on Solana and L2s, Ethereum needs to catch up…
Filed under: News - @ November 28, 2024 12:26 pm