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Ascending channel pattern and Ethereum options data back traders’ $5K ETH target

ETH price dropped to $4,400 during the Nov. 11 correction, but data shows traders expect the altcoin to surpass $5,000 soon.
Ether (ETH) bulls seem excited by the recent $4,870 all-time high that was hit on Nov. 10. While it was a new high in U.S. dollar terms, ETH is still 51% below June 2017’s price in Bitcoin (BTC) terms. But it’s entirely possible that the 0.155 BTC level reached in the previous cycle reflected the overzealous expectations that were rampant during the initial coin offering frenzy. The Ethereum network’s own success has caused congestion and high fees, bringing the competition closer. For example, in mid-2017, the leading “competitors” were Ethereum Classic (ETC) and NEM (XEM). Combined, those represented a mere 13% of Ether’s $37 billion market capitalization. Today, the aggregate capitalization of Binance Coin (BNB) and Solana’s SOL stand at 32% versus Ether’s $557 billion.At the moment

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