Ethereum price breaks $3,500 mark
Ethereum is showing itself at the beginning of the week, with the price reaching its highest level since July.
Ethereum is showing itself at the beginning of the week, with the price reaching its highest level since July. Still, analysts are warning of a possible correction.
Ethereum breaks through psychological barrier
On Nov. 25, the price of Ethereum (ETH) broke through the $3,500 mark for the first time since July, according to data from TradingView. At the time of writing, ETH is up 3.6%, at a price of $3,490.
Ethereum thus recovered from a small dip over the weekend and is temporarily outperforming Bitcoin. In the ETH/BTC chart, Ethereum even recorded a 3.7% increase on a daily basis.
"The market seems to expect Bitcoin to move sideways until December, while the short-term focus shifts to Ethereum," stated analysts at Singapore trading firm QCP Capital.
Next goal: $4,000
With the breaking of the psychologically important $3,500 barrier, a price level of $4,000 is approaching. Still, on-chain analysts warn of potential risks.
According to Maartunn of CryptoQuant, the recent rise is largely due to an increase in leveraged positions in the derivatives market, worth $1 billion. This indicates a "increased risk in the market," the analyst said.
