The Ethereum Price Jumps Over 16%
The Ethereum price has jumped more than 16% in the past 7 days to trade at $2,816.55 as of 9:20 a.m. EST as investors continue to buy into the altcoin leader. Analyst Michael van de Poppe told his 693,200 followers on X that Ethereum could see increased demand as the momentum behind spot Ethereum ETF (exchange-traded fund) applications by institutional investors in the US increases. โVanEck, ARK, Hashdex, BlackRock, Fidelity, Grayscale, and Invesco have filed their Spot Ethereum ETF applications in Q4 2023,โ he said. โFranklin Templeton has joined the race and filed for a Spot Ethereum ETF. The rotation towards ETH is closer than we think.โ
๐ Ethereum Price Overcomes Another Resistance Level ๐
The Ethereum price managed to break above the $2,685 resistance level over the past 24 hours. It is also trading in a positive price channel after it printed a series of higher highs and higher lows over the past 2 weeks. Should this positive momentum continue, the altcoin leader may soon challenge the $2,890 barrier. A daily candle close above this threshold could then give ETH the foundation needed to potentially rise to as high as $3,140 in the next few days. This bullish thesis may be invalidated if the Ethereum price breaks below the lower boundary of the current ascending price channel, which is also confluent with the $2,685 mark. In this alternative scenario, the crypto could be at risk of collapsing down to $2,440 in the following couple of days. Continued selling pressure could even drag the Ethereum price to as low as $2,295 in the short term.
๐ Ethereum Price: Technicals Look Bullish ๐
Technical indicators on ETHโs daily chart suggest the Ethereum price may continue to rise in the next 48 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators hint at a continuation of the altcoinโs bullish trend in the short term. The RSI line is breaking away above its Simple Moving Average (SMA) line. Traders may see this as a sign that buyers are growing stronger against sellers. As a result, bulls may continue to elevate the altcoin leaderโs price in the upcoming days. In addition to this, the MACD line is also breaking away above the MACD Signal line, which could signal that ETHโs positive trend shows no signs of slowing down yet. If these technical flags are validated, the Ethereum price could break above the $2,890 barrier in the next 48 hours.
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๐ A Potential 10X Opportunity ๐
Experts including Youtuber Jacob Bury say BTCMTX could surge 10X after its launch. This is mainly due to the introduction of spot Bitcoin ETFs in the U.S. and the upcoming halving event. These significant developments are boosting demand and cutting supply, providing a tailwind for the BTC price. This favorable backdrop could trigger a surge in BTCโs price, which could in turn boost Bitcoin derivative projects such as Bitcoin Minetrix. Its focus on BTC cloud mining adds to BTCMTXโs breakout potential as investors will likely flock to cloud mining solutions after the halving. BTCMTX can be purchased here.
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Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.