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Ethereum (ETH) has emerged victorious in the latest cryptocurrency market, leaving major players such as XRP and Bitcoin in its dust. The impressive surge in price action is backed by an uptick in both investor confidence and trader sentiment.
As ETH soared to reach $3,800, many have taken notice of this unprecedented trend. While some may claim that it’s simply a temporary correction, experts are warning against such short-term thinking. In fact, the current chart formation reveals a classic bullish pattern, indicating an explosive rally in the offing.
It is important to note that Ethereum’s relative performance in relation to other cryptocurrencies sets it apart from others. While Bitcoin struggles to break through key resistance levels and Solana faces significant hurdles, ETH has managed to rise above all major moving averages, indicating its dominance in this market trend.
To further underscore this point, recent on-chain data reveals an impressive accumulation of hundreds of millions of ETH being withdrawn from centralized exchanges and transferred to new wallets. This is a clear sign that smart money has shifted its attention to Ethereum’s strong performance.
Source: u.today
