November 27, 2023

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Ethereum Hits 2023 High Amid ETF Buzz and Technical Momentum

December 28, 2023

Ethereum reached a new 2023 high at over $2,440 per token.

ETH/USD Record High

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Bitcoin remained around $43,000, not providing strong support for the overall bullish market sentiment.

Bitcoin's Stability

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Ethereum may be considered undervalued compared to Bitcoin and Solana, driving market interest.

Perceived Undervaluation

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ETF Speculation

Buyers anticipate potential ETH ETF approval following expected Bitcoin ETF approval.

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Santa’s Rally Impact

Positive sentiment from the traditional Santa’s rally contributes to the overall market optimism.

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Technical Momentum

ETH/USD moved beyond a balance period, triggering short squeezes and liquidating $14 million in bearish positions.

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Future Outlook and Concerns

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Despite a potential bearish pattern, optimism persists as long as the price stays above $2,333; a bearish breakdown could signal weakness and a potential downward trend.