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Cardano’s Next Big Moves: Unveiling The Roadmap

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Cardano is all set to drop some major announcements. The latest edition details the developmental works currently in progress, be it on building open-source community governance or the Wallets Connectors initiatives [APIS that sit between wallets and dapps]. Developers and team members from SundaeSwap and IntersectMBO discussed the continuity plans and highlighted areas of the Cardano roadmap.

To go full-blown decentralized, IOG recently announced moving all repositories to a community-run project called Intersect, paving the way for “partnerships,” which are specialized blockchains that operate alongside the main Cardano network. One such key component is Midnight, a privacy-focused sidechain. Similar to Avalanche’s subnets, these partner chains, or service chains, will have their own tokenomics and consensus logic.

The smart contract platform has moved towards the Voltaire stage, and one of its core initiatives is the launch of SanchoNet, a testnet for on-chain governance. “Voltaire will take the final steps toward self-sustainability via on-chain voting. After completion, the community will control parameter changes, hard forks, and Treasury withdrawals rather than IOG, Cardano Foundation, and EMURGO, which combined hold all seven governance (genesis) keys.”

Recently, Cardano’s sidechain solution, Midnight, deployed its DevNet for developers, which will operate as a sandbox. As reported by TronWeekly, the devnet will allow developers to build data protection DApps on the network, experiment using shielded swaps and smart contracts, and fine-tune DApps without impacting real users or assets. Midnight developers will secure an early lead on building ground-breaking data protection technology and experience the benefits of IOG’s research-based, security-first approach to development, per the team.

Cardano’s Impending Breakout

On the price front, the blockchain’s native token, ADA, is flashing signs of an early breakout, according to leading market expert Ali Martinez. Citing past trends, Martinez predicts ADA could hit $0.80, before a mild retracement to $0.60, and then embark on an upward price trajectory toward $8 by January 2025.

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Cardano's Next Big Moves: Unveiling The Roadmap 2

Based on an earlier insight shared on February 11th, Martinez highlighted an area of significant resistance for ADA between $0.54 and $0.56, wherein around 50k addresses are holding nearly 2 billion ADA. Breaching through this key area of resistance could pave the way for a bullish ascent towards $0.68.

Altcoin Acceleration: Predicting 2x to 4x Surge Post-Bitcoin Stability

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The recent explosive gain in the value of Bitcoin has set the stage for what observant insiders believe will be an unprecedented growth phase for alternative digital currencies, also known as altcoins. Lately, since Bitcoin has been giving enormous returns, alternative coins are considered an opportunity by market investors.

However, the complex association between Bitcoin and altcoins has been a subject of interest among many observers, with alternative coins often seen as playing catch-up to Bitcoin’s dominance. However, with an anticipated stabilization of Bitcoin, analysts propose that alternative coins are set to exceed the leading currency by a substantial difference.

Analysts Predict Altcoins’ Potential for 2x to 4x Gains

Well-known crypto-analyst Michaël van de Poppe waded into the situation, noting that Bitcoin remains strong regarding market capitalization, and alternative coins are yet to show their strength fully. “That’s usually what happens when strength is surrounded by Bitcoin alone,” van de Poppe remarked. Alternative coins could be 2x to 4x in value once Bitcoin stabilizes; this indicates a positive note for investors who seek portfolio diversification.

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Van de Poppe’s optimism particularly extends to Ethereum, one of the top altcoins in the market. ‘Altcoin market cap is slowly gaining upwards,” he noted, pointing out a shift towards alternative coins. He expects Ethereum to be bullish, with price targets ranging from $4,500 to $5,000.

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Additionally, a number of alternative coins are attracting attention and showing impressive gains. Among these, some popular alternative coins like Solana (SOL), Ripple (XRP), Avalanche (AVAX) and Cardano (ADA) have experienced significant price increases over the past week.

Another analyst, Rekt Capital, echoed van de Poppe’s sentiment but with a focus on the ongoing breakout observed in the number of alternative coins. “Altcoins are breaking out left and right today,” said Rekt Capital, echoing the theme that the momentum in the market for alternative cryptocurrencies is yet to peak. The analyst highlighted the first quarter of the year and its early stage moments as he seemed upbeat about the continuation of likely further upside, sharing the opinion that the altcoin market capitalization was trending up.

However, investors are getting used to such dynamism in cryptocurrency, where developments around Bitcoin have already influenced altcoins. More so, with experts already predicting that altcoins are set to rise in value after Bitcoin’s stabilization, opportunities abound for those looking to capitalize on the diverse offerings within the cryptocurrency market.

Related Reading | XRP Price Analysis: Will the Surge Continue This Week? 

Cardano (ADA) Sell Signal: Analyst Warns Of Price Correction

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Well-known financial analyst Ali, using the TD Sequential indicator, has identified a sell signal on the 3-Day Chart for Cardano (ADA). TD Sequential is a technical analysis tool that identifies potential trend exhaustion or reversal points in the market. By signaling a sell signal it means that the current uptrend may be losing momentum or could potentially reverse to a downtrend.

The Td-Sequential indicator has previously indicated bearish moves on ADA’s price chart as noted by Analyst Ali. He specifically points out that each time when this indicator signaled bearishness, there was a correction in the price of Cardano. As such, this historical pattern acts as an important point of reference, suggesting ADA might undergo another similar correction this time around as well.

However, the analyst advises caution investors or traders who own ADA, as well as those who intend to buy should be careful. The TD Sequential indicator issued a sell signal which could mean a downward trend is imminent for ADA based on previous patterns of price corrections associated with this signal.

Cardano (ADA) Current Price Analysis

Though a few weeks ago, Cardano appeared to be ready for a victorious February, breaking out from a lackluster performance in January. However, it has taken a different path in recent days to cause the loss of momentum in ADA. At present, Cardano is dealing with the aftermath of correcting itself from the resistance zone at $0.64.

The current trading scenario shows ADA priced at an average of $0.582381 and has traded approximately $427 million in volume over the last 24 hours falling by 22%. Over the past day, Cardano has witnessed a 3.08% downturn while its weekly chart shows a decrease of 3.82%. When it comes to market positioning, Cardano ranks #8 position on CoinMarketCap with a market cap amounting to $20 billion. It has approximately 35,466,644,586 ADA coins on circulating supply with maximum supply capped at 45 billion.

ADA 7D graph coinmarketcap 1
CoinMarketcap

Market observers are looking forward to Cardano’s movements with a view to potential support and resistance levels. In case the price of ADA resumes upward momentum, immediate resistance is at $0.600. On the other hand, if it fails to breach this mark, then it may pave the way for more downward movement as $0.5550 will be a key support barrier. This one might indicate a much deeper correction with the support area tested around $0.5120; it is what investors keenly anticipate.

BitMex Co-Founder Sparks Debate: Is Cardano’s dApp Ecosystem Falling Short?

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Arthur Hayes, the co-founder of BitMEX, recently triggered an X (Twitter) storm with the ADA community about decentralized applications (dApps) on Cardano’s blockchain. In his X post, he criticized ADA advocates for failing to create any meaningful dApps on Cardano and called ADA “dog shit” while asking Cardano’s co-founder Charles Hoskinson for some education.

The post got an impulsive response from various members of the crypto field. In reply, market expert Dan Gambardello, Founder of Crypto Capital Venture, points out that it is not just enough to judge the network on the basis of trust but a proper grasp of its technical fundamentals.

Gambardello accentuated its native liquid staking system, which sits within its Ouroboros protocol, allowing ADA holders to stake without locking their funds for some definite time while displaying innovativeness and security features. He also said that unlike some protocols calling for additional dApps like Lido Finance, Cardano’s architecture accommodates them naturally, attracting value investors focusing on safety and stability.

Another member entered into the discussion, stressing that it was necessary to evaluate digital currencies through their technicalities rather than hype or price fluctuations. He observed that Cardano had a vibrant grassroots ecosystem in contrast to what one would have typically expected from other cryptocurrency projects of its kind since it has been making real technological progress. On the other hand, he disputed Hayes’ pessimism by stating that the real value of the network is in its solid infrastructure and capacity to develop a decentralized applications environment.

Insights Into Cardano’s Consensus Mechanism

Meanwhile, Cardano YODA, perusing the subtleties of blockchain consensus mechanisms, went into the safety and liveness of network operations. According to his X post, the comparison with other forms of consensus models like Solana and Ripple revolved around trade-offs between safety, liveliness, and transaction finality, which demonstrate the network’s bias towards liveness rather than safety.

Explaining safety and liveness in consensus algorithms, Cardano YODA showed how transaction finality is guaranteed by Ouroboros through a probabilistic mechanism that balances security needs with ongoing network operation requirements. Also, this highlights the resilience of Cardano against attempts to hack its blockchain by citing a security report from CERTIK that demonstrates the project’s strength compared to its peers in terms of total value locked (TVL).

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Nevertheless, Cardano’s reputation as a secure and modern technology platform still stood unscathed throughout this discussion. Its proponents have pointed out that it was distinguished by uniqueness and had innovative technology. The community continued to believe in the future and the network’s value proposition to the world of fast-evolving cryptography despite the dApp adoption phase leading to criticism.

Cardano’s Price Dip Sparks Optimism: Analyst Predicts Early Bullish Trend

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In a recent analysis by Dan Gambardello, the founder of Crypto Capital Venture, Cardano (ADA) is poised for a bullish turn despite the current price dip, presenting a promising outlook for the broader cryptocurrency market. Gambardello highlighted a familiar bullish pattern taking shape.

Gambardello’s insights, shared in a video upload, revealed that ADA replicates a move observed in 2020 following the Bitcoin halving. The pattern involved ADA establishing a swing high, retracing to a bottom, and initiating a prolonged rally. Drawing parallels with the past, Gambardello emphasized that this breakout coincided with Bitcoin breaching its bull market doors.

Anticipating a repeat of the 2020 structural break, Gambardello pointed out the current downward retracement in ADA, mirroring the previous cycle’s movement. A closer examination of the ADA daily chart showcased the ongoing development of the bullish structure.

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Cardano’s (ADA)  Bullish Signal

Employing historical data, Gambardello indicated that ADA’s present situation indicates a potential short-lived rally toward the 50-day moving average region. However, he cautioned that resistance at this level might prevail, particularly as the 50-day moving average crossed above the 20-day moving average on the daily chart.

While Cardano’s price structure resembles the 2020 pre-bull run pattern, Gambardello highlighted an interesting deviation in the timeline. Unlike the 2020 breakout, which followed the Bitcoin halving, the current bullish signal for Cardano is emerging several months ahead of the next halving event. This premature indication adds a layer of anticipation to the unfolding scenario.

According to Gambardello, a surge in Bitcoin’s value above its current high could lead to an early increase in Cardano’s value. He emphasized the potential impact, stating that if Bitcoin continues to rise in value, it could positively affect the entire cryptocurrency market. This means that what may seem like a temporary increase in the value of Cardano could turn into a more significant and sustained upward trend, especially if it manages to surpass the 50-day moving average.

Cardano’s Rise: A Promising Investment In The Growing Crypto Wave

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In the midst of the forthcoming surge of institutional and Traditional Finance (TradFi) investments propelled by the approval of Exchange-Traded Funds (ETFs), Cardano (ADA) stands out as a beacon of promise, according to community enthusiast and Latest On Cardano author @cardano_whale.

In a recent X post, @cardano_whale underscored the distinctive features of Cardano that make it an attractive investment opportunity. ADA highlights its reliability and resilience in the volatile cryptocurrency landscape by boasting a peer-reviewed, stable, lightweight protocol with an impressive six years of uptime.

As of the latest market data, ADA is currently priced at $ 0.536510, boasting a 24-hour trading volume of $ 577.72 million and a market cap of $ 18.14 billion. Despite a minor 1.55% decrease in the last 24 hours, ADA has demonstrated robust performance over the past week, securing a 5% increase in value.

ADA 7D graph coinmarketcap 6
Source: CoinMarketcap

Changelly’s ADA price prediction suggests a potential 2.19% decrease by January 16, 2024. Technical indicators point to a Neutral Bearish market sentiment at 29%, coupled with a Fear & Greed Index score of 60 (Greed).

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Cardano's Rise: A Promising Investment In The Growing Crypto Wave 10

Analysts anticipate ADA’s price shifts in early 2023 and foresee an average ADA rate of $0.553 for January 2024. Projections indicate potential minimum and maximum prices around $0.509 and $0.598, respectively.

Anticipating Growth: Cardano’s Roadmap for 2024

ADA’s growth over the last year has been nothing short of remarkable, as highlighted by enthusiast Chris O. A comparative analysis of network statistics from January 13, 2023, to January 12, 2024, reveals that the Cardano network processed a staggering 82.8 million transactions, marking a significant increase from the previous year’s 58.7 million. This transaction surge signifies heightened user engagement and adoption, fueled by improved functionality resulting from network upgrades.

Looking ahead to 2024, ADA is poised for even greater growth with upcoming updates and functionalities, including the Chang hard fork, which will initiate the bootstrapping period for the Cardano governance model. The recent release of node v.8.7.3 addresses a minor bug in ouroboros-network. At the same time, Lace version 1.8 resolves issues with the signData method, enhances stake pool rewards performance and enables synchronization with other multi-address wallets.

As per the most recent weekly report from IOG, significant achievements for Cardano’s governance in early 2024 encompass unveiling a provisional constitution and establishing technical safeguards to be employed during the Voltaire bootstrapping phase. These developments pave the way for a constitutional convention later in the year.

Related Reading | Weekly Watch: Bitcoin’s Retreat, Ethereum’s Resilience, and ENS’s 98% Surge 

Cardano Emerges As Top Pick For Institutional Investors Amidst Altcoin ETF Surge

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In the aftermath of the recent approval for exchange-traded funds (ETFs) focused on alternative cryptocurrencies in the United States, Cardano, championed by advocate Cardano Whale, takes center stage. In a recent X post, Cardano Whale shares an optimistic outlook, highlighting the potential benefits poised to unfold for institutional investors.

In anticipation of a significant influx of institutional and traditional finance (TradFi) funds entering the crypto landscape through ETFs, the recent discussion strongly underlines the perspective that ADA goes beyond being merely another altcoin. It ascends as a strategic investment characterized by its unique attributes, challenging the conventional notion of a typical cryptocurrency.

Delving into the protocol’s peer-reviewed, stable, and lightweight architecture, the platform highlights its remarkable six-year track record of seamless operation. ADA’s distribution model is applauded for its inclusivity and transparency, with founding entities wielding control over a mere 10% of the ADA supply.

Cardano’s Staking Brilliance

Cardano Whale shed light on the ADA’s acclaimed staking design, heralded as one of the most decentralized in the crypto realm, reinforcing the network’s resilience against potential 51% attacks. Furthermore, ADA has spearheaded scalability and functionality innovations, positioning itself as a rapidly expanding and feature-rich blockchain suitable for many decentralized applications (dApps).

As the dust settles on the approval of Bitcoin ETFs in the U.S., attention within the cryptocurrency community is now pivoting towards the prospects of exchange-traded products centered around altcoins. Cardano Whale’s insights align with the burgeoning discourse on the future of altcoin ETFs, with influential figures voicing expectations for Ethereum (ETH) and XRP ETF approvals.

ADA has already thrown its weight behind the Swiss-registered 21Shares Cardano ETF. Additionally, it features prominently in the OTC-traded Grayscale Digital Large Cap Fund (GDLC) portfolio and is a key component of Bitwise Investments’ “Bitwise 10 Crypto Index Fund” (BITW).

With its decentralized framework and continuous innovations, Solana’s distinctive attributes position it as an attractive prospect for institutional investors seeking exposure to altcoins through ETFs. Solana’s organic growth and developer-friendly ecosystem could propel it to the forefront of cryptocurrency investments, solidifying its standing amidst the altcoin elite.

Crypto Outflows: $16M Snap Ends 11-Week Inflow Streak

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The cryptocurrency market experienced a notable shift in investment patterns as digital asset investment products recorded outflows totaling $16 million last week. This marked the end of an 11-week streak of consecutive inflows, as reported in the latest Coinshares Digital Asset Fund Flows Weekly Report.

Crypto Landscape’s Strength

Despite the outflows, trading activity remained robust and well above the year average, amounting to an impressive $3.6 billion for the week, compared to the year-to-date average of $1.6 billion. Analysts suggest that this divergence may indicate profit-taking rather than a fundamental shift in sentiment toward the crypto asset class.

The regional breakdown of outflows revealed a focus on the United States, which saw $18 million leaving the market. Germany also experienced minor outflows totaling $10 million. However, these losses were partially offset by continued inflows into Canada and Switzerland, amounting to $6.9 million and $9.1 million, respectively. The mixed regional flows further support the theory that the recent outflows were more likely a result of profit-taking strategies.

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Bitcoin, the leading cryptocurrency, bore the brunt of the outflows, losing $33 million in the past week. Short-bitcoin also experienced minor outflows totaling $0.3 million. In contrast, altcoins bucked the trend, attracting $21 million in inflows. 

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The primary beneficiaries of this trend were Solana, Cardano, XRP, and Chainlink, receiving $10.6 million, $3 million, $2.7 million, and $2 million, respectively. Ethereum and Avalanche faced some headwinds, with outflows of $4.4 million and $1 million, respectively.

On the other hand, Blockchain equities continued to ride the wave of positive sentiment, witnessing substantial inflows totaling an impressive $122 million last week. I brought the cumulative inflows over the past nine weeks to $294 million, marking the largest run on record.

Meanwhile, a recent report from KuCoin Research highlighted a rising influx of capital into the cryptocurrency market. KuCoin’s findings emphasized the resilience of the crypto landscape, noting a notable upswing in investments in November. During this period, there was a recovery in the size of investment deals, particularly in seed rounds, dominating the funding range of $1 million to $10 million.

Related Reading | Vechain (VET) Rockets: Analyst Forecasts Massive 7,500% Surge To $2.3

Altcoins Eclipse Bitcoin: Solana Soars Amid Regulatory Turf War

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Altcoins have emerged as the stars of the show, showcasing remarkable returns over the past week and surpassing the once-dominant Bitcoin. Notable performers include Solana, Cardano, Avalanche’s AVAX, and BNB, each outshining Bitcoin in their respective rallies.

According to data from CoinMarketCap, these altcoins have not only demonstrated impressive gains in the short term but have also exhibited superior performance when viewed through a broader lens. The insights of top analysts further substantiate the enthusiasm surrounding these alternative digital assets.

Michaël van de Poppe, CEO and founder of MN Trading, took to Twitter to share his bullish sentiments, highlighting the allure of achieving substantial gains quickly. Van de Poppe emphasized the importance of sustained effort in maintaining newfound wealth, cautioning against the common pitfall of assuming lightning will strike twice in the form of another 100x surge.

Another influential voice in the crypto space drew attention to the fact that altcoins have already surpassed the Gaussian Channel, a feat not witnessed in four years. The implication is clear – a shift to green is on the horizon, reminiscent of the significant bullish trends observed between 2016 and 2020. All signs point to an impending altcoin bull market.

Solana (SOL) Leads the Charge

Solana’s native token, SOL, has been a standout performer, gaining 9% on December 13 and trading at $78.70. Over the past week, SOL experienced an impressive 8.70% rise. The key question looming in investors’ minds is whether the factors driving this recovery will continue to bolster recent gains.

SOL 7D graph coinmarketcap 10
CoinMarketcap

The surge in Solana’s value can be attributed to multiple factors, including the U.S. Federal Reserve’s announcement of three interest rate cuts throughout 2024. Historically, reduced returns on fixed-income investments have been viewed as a positive signal for risk-on assets like cryptocurrencies.

In a December 12 interview on CNBC, Rostin Behnam, the Chair of the Commodities Futures Trading Commission (CFTC), highlighted the regulatory challenges hindering the crypto sector’s growth. Behnam described the ongoing “turf war” among regulatory agencies as a significant obstacle, expressing the belief that most tokens are commodities under existing laws.

This perspective stands in contrast to the stance of Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), who considers most tokens to be securities. The SEC’s previous classification of solana as a security during the Kraken exchange lawsuit in November 2023 adds an additional layer of complexity to the regulatory landscape.

Related Reading | Tether Takes Swift Action To Freeze Exploiter’s Address In Security Breach

Crypto Market Volatility: Bitcoin & ETH Declines While Altcoins Shine

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Bitcoin (BTC) and Ethereum (ETH) faced a sudden downturn, wiping out all gains from the past week. However, the crypto market showcased resilience through impressive performances by various altcoins, maintaining their upward trajectory.

According to Santiment, the crypto market experienced its swiftest drop in the last four months, triggering mild concerns among traders. The prevalent “buy the dip” sentiment suggests a degree of overeagerness and FOMO (Fear of Missing Out) at these lower price levels.

Among the top 20 cryptocurrencies, Avalanche (AVAX) emerged as the standout performer, witnessing a remarkable 55% surge over the week, reaching a peak of $37.33. Despite a modest 8.80% increase in the last 24 hours, AVAX continues to exhibit robust performance, currently trading at $35.25.

AVAX 7D graph coinmarketcap
Source: CoinMarketcap

Cardano (ADA) maintained the second position in the top performers’ list, with gains of 34%, respectively, over the past week. ADA is presently trading at $0.5546, showing a 5.46% decrease in price and a 28.40% drop in trading volume in the last 24 hours.

ADA 7D graph coinmarketcap 4
Source: CoinMarketcap

Polkadot (DOT) secured the third position, showing a gain above 16% in their weekly chart. Meanwhile, DOT is at $6.69, experiencing a 5.81% price decrease and a 14.67% surge in trading volume within the same period.

DOT 7D graph coinmarketcap
Source: CoinMarketcap

Other popular altcoins, including Hedera (HBAR), NEAR Protocol (NEAR), and Solana (SOL), reported gains in their weekly charts, with HBAR up by 10%, NEAR by 9%, and SOL showing an 8% increase, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

On December 5th, Santiment reported Bitcoin reaching $44,000, continuing its climb. The resurgence of 100+ BTC wallets correlated closely with this price surge. Over the past four weeks, 48 of these whale wallets have returned since a significant drop-off on November 9th.

As of the latest update, Bitcoin’s price stands at $42,434, accompanied by a 24-hour trading volume of $48.62 billion. The market capitalization of Bitcoin is $828.54 billion, with a market dominance of 51.68%. BTC has experienced a -3.07% decrease in price over the last 24 hours.

BTC 7D graph coinmarketcap 14
Source: CoinMarketcap

Moreover, Coincodex predicts that Bitcoin will rise by 4.17% and reach $43,846 by December 15, 2023. The Fear & Greed Index stands at 74 (Greed), indicating a neutral sentiment. Bitcoin recorded 15/30 (50%) green days with 6.82% price volatility over the last 30 days.

On December 7th, Santiment highlighted Ethereum’s climb to $2,349, its highest level since June 2022. The positive trend of non-exchange whale wallets accumulating wealth and exchange whale wallets having less sell-off power bodes well for Ethereum’s continued ascent.

As of now, the current Ethereum price is $2,251.70, with a 24-hour trading volume of $19.50 billion. Ethereum’s market capitalization is $271.05 billion, and its market dominance is 16.91%. Over the past 24 hours, the price of ETH has witnessed a 3.80% decrease.

ETH 7D graph coinmarketcap 16
Source: CoinMarketcap

Coincodex’s current Ethereum price prediction anticipates a 7.51% rise, reaching $2,420.98 by December 15, 2023. The Fear & Greed Index is at 74 (Greed), indicating a neutral sentiment. Ethereum recorded 18/30 (60%) green days with 5.68% price volatility over the last 30 days.

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