Ethereum Price Enters & Exits Discovery Phase In Hurry!! Will Altseason Be Triggered!

Ethereum Price Enters & Exits Discovery Phase In Hurry!! Will Altseason Be Triggered!

The broader crypto space is fast approaching the $3 trillion mark with approximately 5% gains in 24 hours. Star cryptos of the space Bitcoin and Ethereum seems to be moving side by side with incredible gains from the start of the Q4. Especially, the most valued altcoin outperformed the flagship asset in terms of profits as well as liquidation. Here, we have brought enthralling analytics about the future of the coin!

Ethereum registers Stunning Onchain Activity! 

Looking at the clear picture of the space, Ethereum registered fresh breakthroughs in 24 hours. A recent report from Santiment, a crypto metric platform, highlighted post the launch of the EIP-1559 London hard fork upgrade, the altcoin gained traction of a new user base. Approximately, addresses with 1M to 10M ETH purchased 13.9% of the total coins in circulation in the last 24 hours. The rising activity indicates the increasing interest in the asset.  

Another exciting report coming out from Skew, a crypto analytics platform. Highlighted that the Open Interest (OI) of CME Ethereum futures surged beyond $1 billion on October 21st, 2021. As the altseason is on the horizon and the Ethereum merger is scheduled to launch in early 2022, traders seem to be showcasing massive confidence towards the asset. 

Meanwhile, ByBt, a crypto analytics platform reported that there were about $27.59 million ETH liquidations took place in 24 hours. Which is more than Bitcoin, where BTC liquidations were about $20.37 million. Despite huge selling pressure, the star altcoin outperformed the most dominant asset with 7.95% profits in 24 hours. Traders are now looking out for long liquidations as the long versus shorts ratio stands at 1.04. 

Also Read : Binance Triggers Elrond Mania! EGLD Price to “Moon-Soon”!

Ethereum Price Enters Discovery Phase:

Ethereum price has just hit a new ATH of $4,366 and is trading at a decisive phase. As the pattern of the altcoin is entering its crucial compression zone, the breakout could take its value to the moon. The star altcoin is expected to retest between $3600 to $3800 before it begins with another uptrend. If a significant number of buyers fails to uplift the price action from there, then the asset could settle down at support levels between $3,200 and $3400. 

Collectively, Ethereum price is having immense profits and if its decisive phase ends up on a positive note. Then the star altcoin could trigger the biggest altseason of the decade. The current price action of the coin could slowly pave the way for major altcoins with a larger market cap. Then, traders may shift their attention to coins with stronger fundamentals. From there, meme coins and the rest of the coins could boom. 

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