Recent Developments and Outlook for Ethereum
First, let’s talk about November 28th, when Ethereum surged to a high of $3625.1, rising nearly 10%. Even though Bitcoin was dropping, Ethereum still outperformed many other altcoins.
However, on the daily chart, things look a bit concerning. The price seems to be misaligned with the relative strength index (let’s call it the strength chart), indicating a possible adjustment ahead. If Bitcoin continues to fall, Ethereum might also drop to the crucial level of $2886.
But, there’s no need to worry too much because historically, if it rebounds from $2886, Ethereum could break through $3500 and might even run all the way to $4000. Of course, if Bitcoin stabilizes, Ethereum can outperform other altcoins and surge upwards.
Speaking of this year’s performance, Ethereum has risen 33%, and even though there have been some recent fluctuations, investors remain quite confident. A $10,000 investment in Ethereum at the beginning of the year could now be worth over $13,000.
In terms of market capitalization, Ethereum and Bitcoin together account for 83% of the crypto market, with Ethereum's own market cap exceeding $43.5 billion. The trading volume is also significant, with over $4.4 billion traded in the last 24 hours, and major exchanges like Binance and OKX are quite active.
Additionally, Ethereum's proof-of-stake (PoS) upgrade is indeed a great thing, being both energy-efficient and secure. The recent Cancun-Deneb upgrade has also made Ethereum more user-friendly, and in the realm of smart contracts, Ethereum remains the leader.
Looking ahead, if the market doesn’t perform well, Ethereum may drop to $2886, but that would also be a good buying opportunity. If the market improves, or if Ethereum breaks through $3500, it could potentially rise directly to $4000, rendering previous adjustment speculations moot.
Overall, while there may be some short-term fluctuations, analysts are still optimistic about Ethereum's long-term prospects. Although prices may fluctuate, Ethereum still holds significant potential.
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