Ethereum (ETH) Within Striking Distance of 2021 Peak Amid Retail Disbelief
Main Idea
Ethereum has experienced significant growth, nearing its all-time high price, with strong network activity and positive market sentiment suggesting potential for further gains.
Key Points
1. Ethereum's price surged over 8% in 24 hours, trading above $4,600 and is now 6.3% below its November 2021 all-time high of $4,891.
2. Analysts suggest ETH has little sentiment-based resistance and could climb to new highs, supported by narratives like Liquid Staking Derivatives (LSDs) and DeFi protocols.
3. A weekly close above the all-time high could validate a breakout, potentially leading to more upside pressure and a new phase in the market cycle.
4. Ethereum's daily transactions reached a record 1.875 million, indicating peak network activity as the price approaches a major supply area.
5. Key resistance levels identified by analysts are $5,210 and $6,946, with the Pectra upgrade potentially supporting further upward movement.
Description
Ethereum has witnessed exceptional growth this quarter. It has surged over 8% in the past 24 hours alone to trade above $4,600. But retail traders remain in “disbelief” as the altcoin edges closer to its all-time high, now just 6.3% shy of the $4,891 record from November 16, 2021. Retail Fear Despite the rally, smaller investors have continued selling rather than buying. According to the latest data shared by Santiment, this move echoed a sentiment trend historically linked to price moves opposi...
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