30s Summary
Ethereum (ETH) has seen a 30% increase between 4 and 19 November, crossing the $3000 mark for the first time since early August. This surge is due to increased activity on the network, with a noticeable rise in active addresses and daily transactions. Experienced investors (whales) are also showing increased interest in ETH. If the price continues to rise, it could reach up to $3735. However, a downfall at the $3100 mark could lead to a drop towards $3000. A major challenge lies at $3200, the point where a significant amount of ETH was previously bought.
Full Article
Over the last two weeks, Ethereum (ETH) showed some serious muscle, jumping 30% between November 4 and November 19. The party didn’t stop there. ETH shot past the $3,000 mark for the first time since early August. Though the pace has slowed a bit, it looks like ETH still has some room to grow.
So, what’s stirring up all this excitement for ETH? It’s all thanks to increasing activity on the network. Over the last two weeks, we’ve seen a big jump in active users and transactions.
The number of active addresses has been on the rise, going from 377,065 on October 27 to 487,941 on November 19. Plus, there’s a noticeable uptick in the number of daily transactions, from 962,160 on October 27 to 1.29 million on November 15. This isn’t just about crypto trading either. It shows a broader use of decentralized applications, like those in DeFi and gaming.
‘The smart money’ a.k.a. experienced investors or high-level players (known as “whales” in the crypto world) also seem to be warming up to ETH. Data shows these big fish are much more enthusiastic about ETH, signaling that the price could keep moving up.
The ETH price movements have made a U-shape in the recovery chart, a positive sign for potential growth. If the price sticks to this path, it could head for the top of the U at $3,376. If it gets there, and stays there, it could shoot up to $3,735, a more than 20% increase project from its current standing.
Note though: a step back from $3,100 could trigger a drop to the U’s bottom, around $3,000. ETH has a good cushion at this level – that’s where a heap of ETH was bought by some 3 million addresses previously.
But there’s a little speed bump at $3,200, where about 4.25 million addresses acquired 6.1 million ETH previously. So, for ETH to take off, it needs to clear this hurdle.
As always, don’t forget to do your homework before making any investment decisions.