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Tests of Conviction. After breaking above $3.5k and reaching a new all-time high (for the second time this week), the price of Ether has entered a phase of consolidation near the $3.3k level, garnering positive momentum for the next breakthrough. The Network Value to Transaction (NVT) ratio is trending downwards to the lows of this cycle, suggesting that the surge in transaction volumes is outpacing the growth in the network market cap, which provides solid support for further upward price movement.