Obviously, it's no secret that Bitcoin has been stealing the attention of the cryptocurrency market for weeks. However, the second largest cryptocurrency, Ethereum, has also been making waves, and according to experts, it is poised to make a breakthrough. This year has not been the ideal year for the digital currency. Ethereum started the year trading at $ 132. Days later, the coin embarked on a rally that pushed its price up to $ 281 and tried to hit the $ 300 mark, but fell short when the rally ended and subsequently faced a correction hit.
After a rapid advance, the coin is now trading at $ 723 and while that price is not yet close to its all-time high, it has risen nearly five times, signaling a significant journey towards that feat regardless of its pace. Ethereum just 8 days ago was unable to sustain its $ 600 level, but now it seems to be on track. The digital currency has been able to defend a key support level ($ 650) that experts believe is critical to its LTF momentum.
While its short-term price trajectory may be largely dependent on Bitcoin price action, some experts believe that Bitcoin has been the reference currency and is currently in control of the cryptocurrency market, thus a mirror of its performance will be good for the price of ethereum.
Ethereum's future premiums appear to be in shape and its indicator reportedly touched $ 4.5 on Dec. 1, a figure that is good as 3-month futures generally trade at a $ 1.5 higher premium compared to exchanges. regular cash. The Ethereum indicator has since dropped to $ 2.5 when the coin stabilized near the $ 650 support level. However, professional traders have shown some form of optimism as ETH has held above the low mark of $ 1.5 regardless of the drop.
Ethereum has seen an increase in currency withdrawals which can be due to numerous reasons such as yield cultivation, betting, and buyers or investors sending coins to cold storage. ETH saw a strong net outflow in the early days of August, which lasted for three months, and saw 4.3 million Ether being mined from various crypto exchanges. However, the trend stopped in mid-November, an indication of investors' willingness to stand their ground and believe in the short-term price trajectory of the coin as its price surpassed $ 420.
Ethereum has also seen an increase in the number of daily transactions as interest and optimism around the coin continue to grow. As an audience for many underlying tokens growing every day, ETH could see higher transaction occurrences in the coming months. The daily number of ETH transactions currently stands at 1,147 million, an increase of $ 116.4 from last year.
Although the next big surge is still partly dependent on Bitcoin, ETH has a lot of developments in place and with its current bullish nature, the coin could see surprising numbers in the coming months.