Ethereum’s current prices are stable and remain over the $2,000 mark, and several additional indications suggest that the trend may continue.
In addition to the ETH-BTC ratio fluctuating and reversing following protracted lower lows, Kaiko’s data from November 12 also shows a noticeable increase in trading volume and a shift in funding rates in crypto derivative platforms from negative to positive, indicating rising demand.
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Ethereum Surges Above Two Thousand
As of November 13, when this article was written, Ethereum is trading at about $2,090. The upswing is still in place despite the anticipated decline in trade activity over the last few days that followed the November 9 rise.
ETH-BTC Ratio in Flux: Signs Pointing to Ethereum Mega Rally,ETH-BTC Ratio in Flux: Signs Pointing to Ethereum Mega Rally
As of now, the technical experts’ watchpoint for immediate support is still above $2,000, which corresponds to highs from July 2023. On the other hand, hopeful bulls need to breach the $2,100 zone, which corresponds to the April high, in order for the buy trend continuation pattern to continue.
As it is, traders are upbeat. Nevertheless, trader sentiment and the possibility that underlying reasons might spur more demand and push ETH to new highs in 2023 will ultimately determine if the upswing persists.
While the overall ETH support base is still positive, it is concerning that, in contrast to Bitcoin (BTC), ETH is having difficulty breaking through significant resistance levels that were set in H1 2023.
ETHBTC Is Gaining As The Funding Rate Turns Positive
Positively, the abrupt reversal of ETH fortunes on November 9 might anchor the following leg up, signalling a fresh shift in a trend that favours Ethereum purchasers, according to the daily chart’s ETHBTC candlestick arrangement. Based on the ETHBTC formation, it appears that bulls in bitcoin have the advantage in 2023.
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In comparison to ETH, BTC has increased by 33%. The dramatic sell-off on October 23 has propelled BTC to its greatest level compared to the second-most valued currency in 2023.
ETH appears to have the advantage, though, based on the rapid rebound on November 9 and the following inability of BTC bulls to reverse losses.
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