The price of ETH is preparing for a nice rise
For several days now, Ethereum has been showing signs suggesting that it could outperform Bitcoin, despite several profit taking on the ETH ETF side. Enthusiasm is growing, the altcoin is strengthening and even gaining 13% of its value this week. The best could be yet to come!
Signs of investor interest continue to grow : Cumulative open interest for futures reached a record 6.32 million ETH and activity on the Ethereum network increased significantly. Crypto whales are also on the prowl and accumulating positions.
Added to this is the arrival of the blockchain infrastructure company Flashbots which launched a decentralized block construction network on Ethereum. This initiative aims to eliminate censorship and therefore correct one of the network’s biggest problems. Enough to revive, at least for a time, public interest.
And what’s next? Ethereum price is outperforming the 50-day and 200-day moving averages while its RSI at 64 shows that there is still room for upside. Furthermore, the price of ETH is still moving on an ascending support. It has already surpassed the $2,800 resistance and needs to do the same with the $3,600 resistance. If this happens, the altcoin could touch $4,500 before the end of December.
More beautiful flights on altcoins
Who says bullish breakout of Ethereum also says imminent explosion of altcoins. Although the arrival of the altcoin season is not yet confirmed, the current rise in the price of ETH could well trigger it.
In the shadows, several tokens are biding their time, starting with Cardano (ADA) which will have to break its downward trend by regaining the dollar. This should allow it to then reach $1.25 quickly.
But be careful that the price of XRP does not overshadow it! Here too, crypto whales are accumulating feverishly and a close above $1.44 could be the gateway to $2.17 in December.
The moral of the story: waiting for the ETH price to rise is a bitter tree, but the fruit will be sweet.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult a professional before making any financial decisions.
