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The Ethereum price has surged 2% in the last 24 hours to trade at $2,208 as of 5:30 a.m. EST, as its trading volume jumped 15% to $25 billion.
Ryan Sean Adams, a prominent figure in the cryptocurrency space and co-founder of Bankless, asserts that Ethereum’s ability to maintain a price level of around $2,200 is a comically undervalued situation.
Someone has to say it.
ETH price at $2.2k is hilarious.
Everyone out here trading "what ifs" this cycle when Ethereum has fundamentals.
Let my tell you why $2.2k ETH is stooopid.
Ethereum now makes $2.7 billion in annualized profits – the only profitable chain – a P/E ratio…
— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) December 4, 2023
He supports this claim by pointing to the increased profitability, growing adoption, and investment merits of Ethereum. According to Adams, Ethereum is still in the early stages of its bullish cycle.
Ethereum Price Breaks Above $2,150 Hurdle
The Ethereum price has experienced a resurgence, bouncing back from the 50-day Simple Moving Average (SMA) and finding support at the $1,782 level. Despite encountering resistance at $2,150, bulls seem resilient as they drive higher prices.
The price trades above the 50-day and 200-day simple moving averages, affirming the prevailing bullish sentiment and establishing short-term support.
The Relative Strength Index (RSI) is trending upward, rebounding from 54 to 66, indicating intense buying pressure.
Ethereum Price: ETH Bulls May Be Targeting $2,500
The prevailing sentiment for Ethereum is highly optimistic, anticipating that the bullish momentum will persist and pave the way for additional upward movements.
The target is set at a potential peak of $2,500.
Should bears disrupt the bullish momentum, the price may drop, potentially retracing to the support zone at $2,150. A breach below this level could escalate selling pressure, leading to a further decline targeting the critical support level at the $1,928 support zone.
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— TG Casino (@TGCasino_) December 3, 2023
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The TG.Casino presale is ending soon, giving you one final opportunity to purchase their official launch.
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https://Twitter.com/TGCasino_/status/1726605371891204340?s=20
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