CandleFocus Ethereum price briefly touches $2,700 as ETH comes to life
2024-10-30
Author: Content Editor
The Ethereum price has briefly reached $2,700, displaying a resurgence in the cryptocurrency market. While Bitcoin has experienced strong gains, Ethereum's increase has been more modest. Ethereum must surpass its all-time high of $4,878 to catch up with Bitcoin's performance. Currently, Ethereum's market dominance has fallen to 13.4%, while Bitcoin holds a commanding 58.6% of the total market cap. Technical analysis suggests that Ethereum is forming an ascending triangle, indicating strong buying pressure. There is speculation that a breakout above $2,800 could propel Ethereum to a price target of $3,500, representing a 29% increase. However, Ethereum faces challenges from its own layer-two blockchain solutions and a sluggish NFT market. Ethereum co-founder Vitalik Buterin has introduced "The Splurge," a series of protocol improvements aimed at addressing complex issues within the network.
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