Ethereum volume followed a downtrend but surged 85% in November, reaching $7.3 billion. Will it be enough to hit for a $4K rally?
on-chain trading volume largely followed the broader crypto market’s pattern, marked by a steady downtrend, though occasional surges in activity were seen in the second and third quarters.In just two weeks, Ethereum’s on-chain volume surged by 85%, jumping from $3.84 billion on the 1st of November to $7.13 billion on the 15th of November, signaling a potential reversal in its previous downtrend.
In the following seven trading days, ETH experienced a reversal, bringing its price back to around $3K, erasing much of the substantial gains made during the rally. However, ETH’s underperformance relative to its rivals may signal the start of an underlying shift, potentially threatening its ability to break the key $3,400 resistance level, which has historically been significant.On the daily price chart, Ethereum last tested the $3,400 range about four months ago, in mid-July. Since then, it has been in a slump, trading between the $2,200 and $2,600 range.
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