Ethereum (ETH), the world’s second-largest cryptocurrency, is showing solid momentum as its price experiences a resurgence, reclaiming levels above $2,000.
This bullish trend is gaining momentum alongside important developments at the U.S. Securities and Exchange Commission (SEC). The regulator is initiating discussions regarding the potential approval of a spot Ethereum exchange-traded fund (ETF).
This crucial development has injected optimism into the Ethereum market, as the prospect of an ETF introduces new opportunities for mainstream adoption and investment, fueling the current upward trajectory of the Ethereum’s value. Ether.
Ethereum Ascending Triangle: Bullish Breakout Potential
Over the course of several months, the price of Ethereum followed a consolidation trend that resulted in the formation of an ascending triangle. Although the technical formation is bullish in nature, this is only true after a profitable breakout.
Trendlines connect the equal highs and higher lows of the ascending triangle pattern. This arrangement indicates that investors are becoming more confident and buying dips at a faster rate.
ETHUSD currently trading at $2,066 on the daily chart: TradingView.com
Interestingly, today’s charts show there are no ‘dips’ to buy, as Ethereum surpassed the much-vaunted $2,000 level to welcome December on a high note .
Ethereum is not only keeping pace but also reaching all-time highs. The price of ETH is currently up 3% at $2,100, and investors and enthusiasts are excited about the possibility of a rally to $3,000 or even higher.
The impressive success of Ether against Bitcoin, outperforming the alpha cryptocurrency by almost 5%, is a major indicator of this. Significant on-chain signals imply that ETH could continue to outperform BTC this month.
Loyalty Deposit Fuels Ethereum Optimism
The first indication of a bullish move was a break of the psychological barrier of $2,000, although there were numerous seesaw movements around this level. Specifically, ETH is trading between the weekly support level at $1,930 and the second quarter high at $2,140. This is the fourth week in a row that this has happened.
#Ethereum One-time ETF deposit by Fidelity!
Confirms my thesis that after #Bitcoin gets its shine, we will see Ethereum reach $3,500 in Q1 2024.
– Michaël van de Poppe (@CryptoMichNL) November 30, 2023
Crypto analyst Michael van de Poppe expressed optimism for Ethereum in light of the Fidelity filing. Given this submission, he affirms his belief that after the rapid growth of Bitcoin, Ethereum is able to reach $3,500 during the first quarter of 2024.
In a related development, research shows that there has been a significant increase in Ethereum whale accumulation. On-chain data indicates that the largest Ethereum wallets, according to Santiment, are showing a positive trend that suggests a big change.
ETH Price Volatility Trends vs. Bitcoin. Source: IntoTheBlock
Meanwhile, Ethereum has an incredible 30-day average intraday volatility score of 0.45%, surpassing Bitcoin’s 0.32%, according to a recent study by IntoTheBlock.
Investment strategies may need to change due to this change in volatility dynamics, which would highlight the dynamic outlook of the Ethereum market.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Freepik