As the crypto market continues to evolve, ethereum (ETH) has made headlines by breaking the $2000 price level. This move has signaled a resurgence in bullish sentiment across the community.
ethereum (ETH) Breaks $2000 Barrier:
Following a period of trading in a narrow price range, ethereum (ETH) has achieved a major milestone by surpassing the $2000 mark. This surge in price came as a result of heightened demand for the leading altcoin during the trading session on November 23rd.
Increased Demand for ethereum (ETH):
Data from Santiment shows a significant uptick in the daily count of new addresses trading ethereum (ETH), which began trending upward on November 21st and increased by 17% by November 23rd. At the time of writing, ETH was exchanging hands at $2,068.
The Bears Are Under Attack:
ethereum’s rally above $2000 has been bolstered by the resurgence of green histogram bars on its Awesome Oscillator indicator. This indicator suggests that the price of ETH is likely to continue its upward trajectory, indicating a shift in momentum from sellers to buyers.
ETH Holders Continue to Turn a Profit:
Despite its price consolidation, ethereum‘s Market Value to Realized Value ratio (MVRV) remains positive, signifying that investors who sold did so above their cost basis, resulting in a profit. At present, ETH’s MVRV ratio stands at 35.02%, showcasing its potential for a significant return on investment if sold at the current value.
As ethereum (ETH) continues to demonstrate strong bullish sentiment and break through key price levels, it has solidified its position as a top-performing cryptocurrency in the market. With evolving trends and increased demand, ETH‘s future looks promising for investors and traders alike.
### News source: eng.ambcrypto.com