Ethereum price is rising, breaking $3,000 but more is expected, especially versus Bitcoin. Will ETH price register new 2024 highs?
Ethereum
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has been printing higher highs, adding over $100 billion in market cap in five straight days.
At the time of writing, the second most valuable coin is trading above $3,100. Impressively, ETH is steady, and buyers are looking for even more price extensions in the coming sessions.
Most people are not prepared for how quickly this is about to accelerate$ETH pic.twitter.com/LZMdf7qrFJ
— CryptoShadow (@CryptoShadowOff) November 11, 2024
Ethereum Adds Over $100 Billion In Five Days
It hasn’t always been like this.
From the ETHUSDT daily chart, it is clear that ETH is bouncing higher after months of discouraging lower lows. Since the surge to 2024 highs in March, the path of least resistance has been southwards.
(ETHUSDT)
Even the approval of spot Ethereum ETFs in the United States didn’t ignite demand.
However, Ethereum is turning the corner, and the coin is within a bullish breakout formation per price action in the daily chart.
Is Right Now The Best Time To Buy ETH?
As prices turn higher, Jan Van Eck, CEO of investment firm VanEck, thinks this is the best time to buy Ethereum.
In an interview, he describes buying ETH as a “contrarian play” and will highly likely be among the “big winners” in the long term.
From his assessment, the CEO said doubling down now, buying ETH, could be a welcomed strategy for those looking to HODL.
The possibility of future market conditions favoring ETH would
Ethereum is billed more as a backbone of DeFi, hosting multiple protocols like GhostUniswap, Maker, and others, currently moving billions, if not trillions, of dollars every year.
Its native coin, ETH, is also seen as a store of value, more so than Bitcoin, since its inflation will likely fall in the coming years.
(Source)
Ethereum has a coin-burning mechanism that helps reduce ETH in circulation, making it deflationary.
Even though ETH has been inflationary in recent months after Dencun, supporters expect the coin to be a better store of value than gold, citing its broad use, unlike Bitcoin, which is simply a transactional currency.
DISCOVER: The Easiest Way to Buy Ethereum in 2024
ETH/BTC Ratio Rising
Notably, as ETH bounced higher, clearing $2,800, it also registered gains versus Bitcoin.
From the daily chart, the ETH/BTC ratio is up 10% from November lows, a relief for ETH bulls.
(ETHBTC)
In six months, ETH has lost nearly 35% versus Bitcoin. This trend appears to be changing, especially if there is a marked recovery this week. In that case, bulls will be building on the bullish engulfing bar of last week.
ETH might register more gains in Q4 2024, possibly soaring above 2024 highs of around $4,100.
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Eyes On Pectra Upgrade: Here’s Why
Buyers will be loading up ahead of Pectraanother key update that aims to make the network more secure and decentralized.
Developers will look to make staking more accessible, reducing the required ETH from 32 to 1. They will also make the cost of validator node operation cheaper.
In this way, developers expect more people to stake, making the network more decentralized and robust.
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