Several coins have started to pump hard since the presidential election in the U.S. and the expectations of having more crypto - friendly approach in global politics. The current numbers clearly show that almost all coins have gone around x2 from their all time low levels.
When we look at the performance of coins in the Hive ecosystem, we can support the idea with real numbers. The $HIVE price has more than doubled from $0.16 to $0.33, and we are testing to break a strong resistance level. LEO is traded for $0.075 which was as low as $0.033 in its local bottom. Similarly, SPS is also doing well. It has gained more than 107% from the all time low level of $0.005 already.
As the whole market grows, the liquidity shifts from one place to another. The ongoing trend in the crypto ecosystem was on the side of memecoins but the undervalued states of other coins was so obvious that the shift in the narratives happen so quickly these days.
When it comes to Ethereum, the investors were frustrated about the poor performance of Ethereum because of some FUD around its future and the selling pressure of the Ethereum DAO to fund the organizations and the developers created a massive walls in the price to breakout from.
This is the chart that I follow the price actions in Ethereum.
The test to $4K is so bullish for Ethereum because it was the last level that the price got rejected in February. That level is no longer a price specific area for me as it works more as a psychological support or resistance. For me, the last ATH level is the most critical level that will affect my ETH positions.
Ethereum stayed undervalued a lot. The re - test to $4800+ level and standing strong over these levels will let us aim for around $6K levels in the first quarter of 2025. Of course it will be the "price discovery zone" after forming new all time high but the price may not be able to break out from $6K - $7K in the short term.
Besides ETH, the coins on Ethereum mainnet and the Layer 2 solutions are likely to follow its trend, as well. This month might be the month of Ethereum ecosystem!
What do you think about the performance of Ethereum in this bull market?
Share your thoughts below 👇
Hive On ✌️
Posted Using InLeo Alpha
