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.
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.
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.