The month of November has begun on a positive note for several coins in the crypto space. The entire crypto market cap is inching closer to $3 trillion. Meanwhile, the second-largest crypto is turning the heads of crypto enthusiasts, with its healthy leg-up. Ethereum hodlers are extremely pleased with the returns, while naysayers feel stranded in the cold.
The digital coin has hit its ATH a couple of hours prior to press time. ETH price has been conquering newer highs at an exponential rate. Leaving enthusiasts in the space amused over its gains. Sections are anticipating the altcoin to claim double the current valuation in the short term.
Is Ethereum Inching Closer to Flip Bitcoin?
The top-tier altcoin is running a remarkable rally, achieving newer milestones every passing moment. The recent surge has been despite the exorbitant gas fees, that plagues the network. Which is currently at 91 gwei for average, and 93 gwei for high. Netizens are eagerly waiting for the issue to be resolved with ETH 2.0.
On the other hand, substantial sources suggest that the daily On-chain net exchange flow of Ethereum is up by 23.1 M. The amount of ETH supply last active 1y-2y (1dMA) has hit a 6-month high, while the previous high was just a day ago. Ethereum futures contracts short liquidations just reached a 6-month high of $7,814,434.01 on Binance. The previous 6-month high was on the 1st of September 2021.
In addition, the Ethereum hash rate also peaked at an ATH of $1,014,230,266,415,220. Ethereum mining difficulty has been on a rise lately, which hit an ATH of 11,028,173,704,939,400. Which is up since its previous ATH about a week ago. About 799,386 ETH has been burnt at press time, the NFT space is accountable for a significant share of the burn.
ETH Price Analysis
The digital coin at press time is trading at $4,730.28, with gains of 4.9%. While the market cap is at $560,927,927,276. The trading volume for the last 24-hours is around $18,720,006,100. A rising wedge formation can be seen on the charts. Consecutively, from the current momentum, we can expect the digital asset to soar to highs of $6,500 in the short term. But a slight pullback can be expected prior to the milestone. ETH price could also claim levels around $8,500 thereafter.
Collectively, enthusiasts are optimistic about the altcoin claiming the $10,000 milestone. However, it would need major catalysts to fuel the growth. Like that of ETH 2.0 going live, or an ETF. With the current market cap being close to half of the market leader. We can expect the altcoin to flip Bitcoin’s market cap, with ETH price reaching the $10,000 price tag.