Ethereum price skyrocketed to $3,500 on November 25th, as a bullish run in the market helped the second-biggest cryptocurrency cross the resistance level.
At the press time, Ethereum is trading at $3,496.88, up 5.95% as compared to the same time last day. The rise also comes on the back of constant advancements in the Ethereum ecosystem.
Ethereum Price Skyrockets to $3,500
After a three-week surge of over 35%, Ethereum’s price had emerged from a downward pattern that has been in place since mid-March. However, the price touched the $3.5K for a brief moment. It did fall to the $3.4K level soon after.
Market trends that hint at bullish signals alongside a rise in Bitcoin prices are the main cause of the recent bullish momentum.
The leading altcoin’s thriving innovations and proven security continue to make it a favorite among institutional investors looking to tokenize real-world assets.
Ethereum Price Surges As Vitalik Buterin Inculcates Constant Developments
The rise in Ethereum prices comes on the back of constant developments in the ecosystem. Just previously, Buterin announced the development of “The Splurge,” which would work to stabilize the Ethereum Virtual Machine’s (EVM) operations.
Buterin claimed that a lot of “little things” that are essential to the platform’s success but don’t cleanly fit into one of the more general divisions are included in the Ethereum protocol architecture.
Additionally, an alternate perspective for blockchain development had already been articulated by Vitalik Buterin. Buterin emphasized recent advancements in Ethereum’s scaling strategy, including as the addition of the multichain light client Helios to user wallets on desktop and mobile platforms.
In order to ensure the network’s stability as it grows, Helios would allow Ethereum’s Layer 1 and Layer 2 networks to efficiently validate light clients.
Buterin has also recently made a lot of statements regarding the Ethereum blockchain’s modifications. The Ethereum co-founder previously discussed his ideas on reducing the ecosystem’s processing cost. Buterin declared “The Verge” in order to bring this scheme to fruition.
Ethereum Price: Signs Turn Bullish
Ethereum’s present signs show an overall bullish trend. The coin’s Fear & Greed Index is currently at 82 (Extreme Greed). Over the past 30 days, Ethereum’s price volatility was 11.36%, with 17 out of 30 (57%) days being green.
With 29 technical analysis indicators indicating optimistic signals and one indicating negative signals, the overall sentiment for the price prognosis of Ethereum is bullish.
Additionally, the ETH market is in a neutral position at the moment, as indicated by the RSI reading of 64.45.