ETH market participants organized quite a dynamic ping pong over the past few days. The end of the second last trading month of the year and ETH 2.0. launch is an event that adds intrigue, increasing price volatility. In fact, in a few days, the Ethereum price first dramatically fell by 20% and just as uncorrected returned to its place.
The BTC price fall on 26 November revealed those coins and tokens that are really interesting to investors. Of course, ETH was among these coins and this is evidenced by the pair ETHBTC chart:
The price growth on the ETHBTC chart coincided with the Bitcoin price growth. This means that Bitcoin owners have decided that it will be more profitable for them to keep capital in ETH.
Increasing the popularity of ETH and reducing the gas price
Interest in Ethereum gave a new impulse to DeFi projects, which also sharply restored the amount of locked funds. According to Defipulse, TVL is again $14 billion and seeks to touch $15 billion.
The positive dynamics with the gas price also made a positive contribution. In a previous article, we mentioned that the gas price began to rise due to the overloading of the Ethereum platform. However, as we see today, the situation was resolved even on the active price growth:
We would like to end the positive vision of the situation with the monthly ETH chart and its dominance on the crypto market.
$840 by the end of the year?
The upper chart shows the November monthly candle, which directly hints at the continued price growth to $840 by the end of December. Of course, until the ETH price was fixed in the range of $600-615. And it was from this range that the indecent fall began. At the same time, the ETH influence confidently began to grow from 20 November.
Though, looking at the growth dynamics and aggression of buyers, this price zone will only be a matter of time.
Despite local ETH price highs at the moment, large investors are in a hurry to buy cryptocurrency. So in one of his tweets Raoul Pal stated that he is in a hurry to get rid of his gold and buy Bitcoin and Ethereum:
In a few days we will witness the continuation of the long-term growth trend in the ETH market. Let’s see if we should have expected unpleasant surprises and a sharp change in market mood.