EthereumPrice Analysis

Despite High Gas Fees, Yet Ethereum Mainnet Still Remains The Traders Choice

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Highlights

    Ethereum smashes yet another All-time high amid Metaverse and the NFT Buzz

    U.S. regulators are likely to approve an Ethereum future-based ETF in early 2022

    The growing gas fees are not hampering the Ethereum price rally and hence the asset could ultimately hit $5000 soon

Ethereum is showcasing extreme bullish momentum nowadays as it’s just ranging high to smash new ATH along with Polkadot and Solana. The ETH price is manifesting a steady rally, eliminating huge dumps. The price ranged through the ascending parallel channel, yet was unable to break through the resistance levels. The volume remained notably high which also included the bears who extracted their profits. 

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With the growing price, ETH Gas fees remain high and hence some of the traders are finding a new alternative. Yet the Ethereum Mainnet still remains the first choice of the traders as the number of transactions is at a 5-month high of around $56K. Moreover, the transactions are slowly heading towards their previous highs above $65K.

The ETH price after smashing its new highs appears to have thought before pulling the next leg up. The traders still showcase their faith in the upcoming bull run as the bears were not allowed to enter the trade. Unlike a previous couple of crashes, the current rally appears to be more planned to avoid huge losses. And hence the trajectory is completely on the upper hand since the start of Q4. 

The second most preferred crypto appears a little exhausted at the press time and may undergo slight consolidation for some time. The price may even experience a short-time pullback to $4500 levels in the next couple of days. However, a strong rebound at these levels could propel the price above $5000 very soon. 

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Source: Tradingview

Collectively, the Ethereum (ETH) price is about to undergo a massive pump as ETH 2.0’s developments and recent upgrades are also point out a bullish trend. Interestingly more than 100K ETH were burned last week which could give more value to the existing supply. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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