Ethereum is shattering records and is a couple of hundred dollars away from $5k. A few months back, nobody could have thought ETH would clear $1.4k, let alone $2k.
That is rapidly changing as Ethereum turns out to anchor DeFi and the wildly popular NFT ecosystems.
These are emerging fields proving to have utility and are greatly disruptive to finance and (for now) art through NFTs.
The entire DeFi ecosystem manages over $270 billion. Ethereum is, as expected, dominant, with over $180 billion in TVL—almost half.
There might be hitches on fees, but the team’s pressing to shift intensive dApps like Uniswap and even NFT portals might be a relief for active network works.
Admittedly, Gas fees remain unreasonably high due to the increased competition for block space which squarely places back miners in the equation as determining forces.
It comes even amid the activation of EIP-1559 which was meant to create a ceiling and keep fees practical.
Australia Approves an Ethereum ETF
While Gas is biting on one end, Ethereum is the center of attention, hogging headlines.
The SEC, mid-October 2021, approved a Bitcoin Futures ETF—a regulated financial derivative that doesn’t track the sport rate.
As positive as it is for the broader crypto market, analysts are confident that the SEC might also follow suit and approve an Ethereum-based product.
Already, regulated in Australia has approved Bitcoin and Ethereum ETFs based on the crypto spot rates. This, overall, signals acceptance, a net positive for the digital asset.
Ethereum Price Analysis
Ethereum prices are recoiling from all-time highs of around $4.8k, according to Binance.
The sharp gains of the last few weeks have been near perpendicular as the coin blast above recent resistances—now support—to register new all-time highs.
Technically, ETH/USDT is trading in a bullish breakout pattern.
Accordingly, every low within the November 8 bull bar might present entries for traders expecting trend continuation above $4.8k towards $5k in the short term.
Note that the expansion above $4.4k is with high trading volumes and the middle BB acts as a reliable support line.
Still, there will be a cause for caution if prices dip below the $4.5-$4.4k support zone. This will see ETH/USDT shrink to $4k.
On the other hand, a close above $4.8k builds for a strong base for a moonshot placing ETH in new 2021 levels.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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