Ethereum’s trading volume has seen a significant surge of 85% in less than two weeks, reaching a remarkable $7.3 billion. This surge in volume indicates a potential reversal in the previous downtrend that Ethereum has been experiencing. However, before Ethereum bulls can set their sights on the $4,000 mark, a consolidation phase appears to be more likely.
Throughout 2024, Ethereum’s on-chain trading volume had been following the broader crypto market’s trend, with a steady decline observed. Yet, November brought about a notable shift in this pattern. Various factors, including substantial inflows into Bitcoin and Ethereum’s ETFs, along with the unexpected outcome of the U.S. Presidential election, have sparked a newfound momentum for Ethereum.
In just a fortnight, Ethereum’s on-chain volume surged by an impressive 85%, catapulting from $3.84 billion on November 1st to $7.13 billion by November 15th. This surge in volume has injected renewed optimism into the market, hinting at a potential reversal of the previous downward trend.
Despite this positive development, Ethereum still has some ground to cover before reaching its all-time high of $4,891. Several indicators suggest a potential delay in a rally towards the $4,000 mark before the end of the fourth quarter.
To sustain this upward momentum, it is crucial to keep volatility in check. Rapid price gains, such as those seen during the election rally, often precede corrections. Ethereum’s price surged past $3,300 within a week, peaking at a 5% daily high, with a notable 12% jump on election results day. However, subsequent trading days witnessed a reversal, bringing the price back down to around $3,000.
While Ethereum has displayed increased volatility compared to other altcoins like Ripple and Cardano, it has shown resilience amidst market fluctuations. Notably, Ethereum’s recent surge in volume coincided with Bitcoin consolidating around the $90,000 range, indicating a potential shift in capital flow towards Ethereum.
Despite the surge in trading volume, Ethereum’s exchange reserves are on the rise, signaling increased selling pressure. This could lead to a period of consolidation in the near future. Consolidation typically occurs when buying and selling activities balance out, pushing a coin into a neutral zone.
In conclusion, a consolidation phase before a potential breakout to $4,000 seems imminent for Ethereum unless certain conditions are met. Large holders must enter an accumulation phase to absorb selling pressure, and Bitcoin needs to breach the $100,000 resistance level to restore market confidence. While the surge in trading volume is a positive sign for Ethereum, a consolidation phase before a breakout to $4,000 appears more likely unless these conditions are fulfilled. The COVID-19 pandemic has brought significant changes to the way we live, work, and interact with others. From social distancing measures to remote work arrangements, many aspects of our daily lives have been altered in response to the global health crisis. One of the most noticeable changes has been the widespread adoption of face masks as a means of preventing the spread of the virus.
Face masks have become a ubiquitous sight in public spaces, with many countries implementing mandatory mask-wearing policies in an effort to curb the transmission of COVID-19. While some may view masks as a temporary inconvenience, experts agree that they play a crucial role in reducing the risk of infection and protecting both wearers and those around them.
The primary purpose of wearing a mask is to prevent respiratory droplets containing the virus from being transmitted to others. By covering the nose and mouth, masks act as a barrier that helps to contain these droplets and reduce the likelihood of spreading the virus through coughing, sneezing, or talking. In addition to protecting others, masks also offer some level of protection to the wearer by filtering out potentially infectious particles in the air.
There are several types of masks available, ranging from simple cloth masks to medical-grade respirators. While N95 respirators are considered the most effective at filtering out airborne particles, they are typically reserved for healthcare workers due to limited supply. For the general public, cloth masks or surgical masks are recommended for everyday use.
In addition to wearing masks, it is important to follow other preventive measures such as practicing good hand hygiene, maintaining physical distance from others, and avoiding crowded spaces. These measures, when combined with mask-wearing, can help reduce the risk of COVID-19 transmission and protect vulnerable populations.
As the pandemic continues to evolve, it is likely that mask-wearing will remain a common practice in many parts of the world. While it may take some time to adjust to this new normal, the benefits of wearing a mask far outweigh any inconvenience it may cause. By coming together and taking collective action to protect ourselves and others, we can help slow the spread of COVID-19 and eventually bring an end to the pandemic.