Ethereum Breaks $3,000: What’s Behind the Surge?
Ethereum enthusiasts and investors have reason to cheer as Ethereum ($ETH) surpasses the $3,000 milestone, hitting a significant high not seen in nearly two years. The recent surge in the price of Ether is causing excitement, especially amid anticipation of the approval of the ETH Exchange-Traded Fund (ETF).
It’s time to celebrate! 🎆
Ethereum $3000 Party!
According to data from CoinGecko, the price of Ether is up about 1.6% in the last 24 hours and has surged more than 12% in the past week, outperforming many other cryptocurrencies. In particular, Bitcoin also showed positive movements, rising by more than 2% and approaching $53,000.
The cryptocurrency market as a whole is experiencing a bullish trend heading into 2024, with major tokens surpassing their 2023 highs. In particular, Ethereum has surged nearly 30% since the beginning of the year, outpacing Bitcoin’s 22% rise.
Market analysts are eyeing $3,500 as the next resistance level for Ethereum, and traders are optimistic about the chances of a spot-based ETH ETF receiving regulatory approval in the United States. Kenny Hearn, Chief Investment Officer at SwissOne Capital, expressed confidence in Ether’s potential, saying, “We are very close to a move to the $3,150-$3,300 level.” He added: “The next level after that will be $3,600, and I think we can hit that amount very easily in the next month or so as alts continue to catch up.”
An approved ETH ETF could significantly improve Ethereum’s appeal among conservative institutional investors, mirroring the large allocations seen in the new Bitcoin ETF introduced last month.
my trading level
I currently do not have any trading positions in Ethereum. Currently the RSI level is close to 80 so I don’t like the risk/reward (R/R) to last long.
But I’m aiming for level 2. ETH $2.5,000 and ETH $3.3,000. One is support on the weekly chart and the other is resistance. I am selling resistance or longing for support. If you reach a short setup, the breakout can explode, so keep a tight SL. However, scalping low-risk ranges (SLs) is a comfortable trading style.
final thoughts
In conclusion, Ethereum’s breakthrough of $3,000 marks a promising start for the cryptocurrency market. With widespread optimism and bullish sentiment surrounding a potential ETF approval, ETH supporters have reason to remain optimistic about its future trajectory.
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