- Optimists expect the cryptocurrency to reach $10,000.
- The ETH price has been rapidly rising to new highs.
November has started well for numerous cryptocurrencies. The whole crypto market cap is nearing $3 trillion. Meanwhile, the second-largest crypto is catching the attention of crypto fans. Ethereum investors are ecstatic, while detractors are left out in the cold. The digital currency reached its ATH just before press time. The Ethereum (ETH) price has been rapidly rising to new highs. Leaving fanatics amused by its gains. Sections expect the cryptocurrency to double in value shortly.
The leading altcoin is on a spectacular rise, reaching new milestones daily. Despite the network’s expensive gas rates at 91 gwei average and 93 gwei high, the current spike occurred. As a result, netizens anxiously await ETH 2.0’s resolution.
However, reliable sources claim that every day On-chain net exchange flow of Ethereum is up 23.1 M. A 6-month high has been reached in the quantity of ETH supply last active 1y-2y (1dMA). ETH futures short liquidations recently hit a 6-month high of $7,814,434.01 on Binance. The previous 6-month high occurred on September 1, 2021.
Moreover, the Ethereum hash rate reached at $1,014,230,266,415,220. Ethereum mining difficulty just increased to 11,028,173,704,939,400. Which is up from a week ago. At press time, the NFT space had burned about 799,386 ETH.
Initial Decline Likely
According to CoinMarketCap, the coin was trading at $4,730.28, up 4.9 percent. As of now, the market cap is $560. The latest 24-hour trading volume is roughly $18,720,006,100. Charts show a rising wedge shape. Based on the present trend, we may anticipate the digital asset to reach $6,500 soon. An initial decline is likely before the milestone. Then it may hit $8,500.
Optimists expect the cryptocurrency to reach $10,000. But it would require multiple triggers to expand. Like ETH 2.0 or an ETF. With a market valuation about half that of the market leader. We may anticipate ETH to outperform Bitcoin in terms of market cap, hitting $10,000.
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