After a very long bearish trend, Ethereum could be ready for a bullish rally, according to some analysts, first and foremost Markus Thielen of Matrixport (a well-known blockchain financial services company based in Hong Kong), ETH could reach $3,000.
The ecosystem's weekly revenue from transaction fees alone topped $30 million, more than double from early October.
“As long as Ethereum weekly fees remain above $30 million, $3k is more than likely a goal”
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To support this analysis, there are two other very important data: a new "record" in the month of October, with a value of approximately 250 billion dollars in transaction volumes (highest value since March 2022) and the renewed status deflationary (there is more ETH burned than is produced).
Analysts and forecasts aside, there are fundamental elements to evaluate for the health of Ethereum.
It goes without saying that greater use of the network could lead to a greater demand for ETH and therefore an increase in the price.
Dyor as always, the cryptocurrency market is very volatile and often unpredictable. Mine are simple considerations, I am not a trader and I do not give any financial advice because it is not what I deal with and it is not my responsibility.
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