Ethereum Breaks Through $2,200 Ceiling, Investors Expect $3,000 This Week
December 04 2023 - 4:40AM
NEWSBTC
The price of Ethereum (ETH) has risen sharply today, hitting a new
2023 high of $2,250 as the cryptocurrency market continued to trend
higher toward a successful year-end. The recent strong upward trend
in Ethereum aligns with Bitcoin’s continuous attempt to break above
$41,000, which it did today. As of the time of writing, the price
of bitcoin was $41.437. Analysts say the approval of a BlackRock
spot ether instrument would result in an influx of institutional
capital into Ethereum, the second-largest cryptocurrency network
globally. Related Reading: ORDI Shatters Records With New All-Time
High In Bullish Surge Ethereum’s Price Surge The most recent charts
show an upward trajectory that has many analysts and investors
upbeat about the cryptocurrency hitting the coveted $3,000 barrier
in the upcoming weeks or months. As this transpired, a crucial
on-chain trade statistic reveals that, just 24 hours prior to the
most recent price breakout, Ethereum 2.0 stakers made an unexpected
$330 million move. ETH Staking Flows. Source: IntoTheBlock On
December 2, investors pulled out a massive 169,220 ETH (about $337
million) from ETH 2.0 beacon chain Proof of Stake contracts,
according to IntoTheBlock. Interestingly, since the Ethereum
Shapella Upgrade enabled withdrawals in April 2023, this is the
second-highest staking withdrawal amount. Related Reading: Top 5
Cryptos Set For A Price Explosion This December – ADA, TIA, RUNE,
LUNC, BTC Resilient Rebound And Bullish Market Signals Today, when
the price of Bitcoin broke beyond the coveted $41,000 barrier, the
cryptocurrency market is starting to feel more optimistic again.
The price of ETH recovered from the psychologically critical $2,000
threshold in response to this positive change, showing an 8% weekly
increase to its current trading price of $2,250. Ethereum currently
trading at $2,244.7 territory on the daily chart: TradingView.com
The classic sign of a bull market is a sequence of higher lows and
higher highs, which is what we observe when we look at Ethereum’s
daily chart. The 50-day and 100-day moving averages served as
dynamic resistance, but the price has now overcome both. “On the
basis of lower yields, cryptocurrency has been going pleasantly
higher, along with Gold,” crypto data firm Amberdata stated in a
newsletter on Sunday. In a note, Lucy Hu, Senior Analyst at
Metalpha, stated that there is increasing market expectation for a
rate reduction in the coming year. Investor optimism on the
potential for Bitcoin ETF applications from significant asset
management firms is also growing. She states: “This is an official
declaration of a bull run, and there may be additional price
increases in the upcoming weeks.” Meanwhile, laws may also have an
impact on Ethereum’s price in the future; although favorable
developments may encourage investment, harsher laws may provide
risks. Important factors also include investor sentiment and the
state of the economy. It’s unclear if ETH will overtake Bitcoin in
market valuation; this will depend on things like adoption rates
and network improvements. Right now, Bitcoin is in the lead with a
far larger market capitalization. (This site’s content should not
be construed as investment advice. Investing involves risk. When
you invest, your capital is subject to risk). Featured image from
Shutterstock
TRON (COIN:TRXUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
TRON (COIN:TRXUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024