Ethereum surged 9% today, trading at $3,331. Its 24-hour low and high were $3,083 and $3,388 respectively. ETH's market cap is $400 billion, with a trading volume of $52 billion in the past 24 hours. By market cap, ETH is still the second-largest cryptocurrency, accounting for 12.20% of the market share.
Although the ETH ETF saw an outflow of $9 million, we will need to wait for BlackRock's data to gain further insights. Additionally, ETH co-founder Vitalik Buterin purchased the Super Anon (ANON) token on Base, highlighting its potential as a revolutionary privacy token.
The main reasons for the rise in Ethereum (ETH) today include the following:
1. Support from technical analysis indicators:
- Ethereum price has formed strong support around $3,000 and is about to form a "golden cross", suggesting the price may break through the $4,000 level.
- On the 4-hour chart, Ethereum has regained the 50-day exponential moving average (EMA), recovering the bullish trend.
2. Market sentiment and whale activity:
- Ethereum's native token Ether has been trading stably between $3,000 and $3,250 in the past seven days, indicating strong market demand for this price range.
- New Ethereum whale activity has emerged, such as an address that purchased over 18,000 ETH last week and further increased its holdings by 9,000 ETH, adding buying pressure to the market.
3. Network activity and smart money sentiment:
- The number of daily active users and transactions on Ethereum has shown strong growth, with the number of daily active addresses increasing from 377,655 on October 27 to 487,941 on November 19.
- Smart money sentiment has risen, with experienced investors holding a very positive sentiment, which may indicate a potential upward trend for ETH in the short term.
Ethereum Altcoins
ETH layer2:
ARB, OP, ZK, STRK, METIS, MANTA, CELO.MNT, MATIC, IMX, SKL, LRC, CTSI, BOBA, COMBO, MODE.
In the process of Ethereum's global computerization, Layer2 plays a crucial role. With its high transaction processing speed (TPS) and low gas fees, it is tasked with driving the prosperity of the Ethereum ecosystem. Its importance and value are self-evident.
At the same time, layer2 is the highest market cap segment in the Ethereum ecosystem. Most projects are also typical of the recently criticized low-circulation, high FDV institutional tokens. ARB, OP, and STRK, as three of the four "kings", all have an FDV of over $10 billion.
ETH Staking/Restaking:
LDO, SSV, PRL, SD, FXS, ANKR, ETHEI, REZ.
LSD protocols are mainly Ethereum staking services that have emerged after the Ethereum Shanghai upgrade from POW to POS. LDO is the largest service provider, with the highest TVL in the network and a market cap of $2 billion. SSV is an important infrastructure.
ETH Legacy DeFi:
UNI, SUSHI, AAVE, COMP, CRV, MKR, LOTY.
DeFi should be the most familiar to everyone. As the largest innovative segment in the last bull market, DeFi applications have been widely adopted in daily on-chain activities. Due to the maturity of DeFi, this cycle is mostly based on previous upgrades, with not much innovation.
ETH meme:
PEPE, SHIB, SPX.
Meme is a very strong segment in this bull market, and holding a small amount is not a problem.
When Ethereum rises, Altcoins continue to rise; when Bitcoin rises, Altcoins have been falling. What does this indicate? It indicates that the rise of BTC is not related to the internal capital of the circle, but is driven by institutions, and the capital of institutions will not spill over to Altcoins, while the rise of ETH is the real driving force of the internal capital of the circle, which can bring the explosion of Altcoins!
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