“Ethereum Fees Hit 4-Month High“
Over the last week, Ethereum’s price surged to $2,100 after news of BlackRock filing a spot Ethereum ETF. However, it has since come under selling pressure and is currently trading around $2,000. On Sunday, November 12, Ethereum network fees climbed to $5.72 per transaction, reaching their highest levels since July 2023. This increase is not surprising given the resurgence of Ethereum above $2,000 and increased network activity. However, fees remain relatively affordable compared to the elevated average fee levels observed in May.
“ETH Price and Options Data“
The Ethereum chart shows a recent pullback following a significant price surge. This consolidation phase is considered healthy and provides an opportunity for the market to establish new support levels. Ethereum’s price remains comfortably above both its 50-day and 100-day moving averages, signaling an overall bullish trend.
“Increased Block Trades and Long Positions“
In recent trading activity, Ethereum witnessed increased block trades, with 60,000 options accounting for 40% of the day’s total volume, amounting to a notional value of $120 million.
During this ongoing bull market, significant whales initiated long positions in October, yielding substantial profits.
“Hot Take: Potential for Another Rally“
Given the current market conditions and increased adoption of Ethereum, there is potential for another rally if Ethereum maintains its support and avoids dipping below the moving averages. It’s essential to keep an eye on the narrowing of Bollinger Bands as this could indicate the beginning of another bullish phase.
Bhushan is a FinTech enthusiast with a keen interest in understanding financial markets and emerging Blockchain Technology and Cryptocurrency markets. His personal opinion may be reflected in the content presented but always remember to do your market research before investing in cryptocurrencies to avoid personal financial loss.
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