Ethereum (ETH), the world’s second-largest cryptocurrency, is demonstrating robust momentum as its price stages a resurgence, reclaiming levels above $2,000.
This bullish trend gains traction concurrently with significant developments in the US Securities and Exchange Commission (SEC). The regulatory authority is engaging in discussions regarding the potential approval of a spot Ethereum Exchange-Traded Fund (ETF).
This pivotal development has injected optimism into the Ethereum market, as the prospect of an ETF introduces new possibilities for mainstream adoption and investment, further fueling the current upward trajectory of Ether’s value.
Ethereum’s Ascending Triangle: Bullish Breakout Potential
Over the course of several months, the price of Ethereum has been in a consolidation trend that has resulted in the formation of an ascending triangle. Although the technical formation is bullish by nature, this is only true following a profitable breakout.
Trend lines connect the equal highs and higher lows of the ascending triangle configuration. This arrangement indicates that investors are growing more confident and buying the dips at a faster pace.
Interestingly, today’s charts show there are no “dips” to buy, as Ethereum broke past the vaunted $2,000 level to welcome December on a high note.
Ethereum is not only keeping up, but also rising to unprecedented heights. 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.
Ether’s impressive success against Bitcoin, outperforming the alpha cryptocurrency by almost 5%, is a major indicator of this. Important on-chain signals imply that ETH may continue to outperform BTC this month.
Fidelity Filing Fuels Ethereum Optimism
The first indication of a bullish move was a breakout over the psychological $2,000 barrier, although there has been a lot of see-saw motion around this level. More specifically, ETH is trading between the weekly support level at $1,930 and the high for the second quarter at $2,140. This is the fourth week in a row that this has been happening.
#Ethereum Spot ETF filing by Fidelity!
Confirms my thesis that after #Bitcoin gets its shine, we’ll see Ethereum running to $3,500 in Q1 2024.
— Michaël van de Poppe (@CryptoMichNL) November 30, 2023
Crypto analyst Michael van de Poppe has voiced his optimism for Ethereum in light of the Fidelity filing. Given this submission, he affirms his conviction that after Bitcoin’s rapid increase, Ethereum is positioned to attain $3,500 throughout the initial quarter of 2024.
In a related development, research shows there has been a significant increase in Ethereum whale accumulation. On-chain data indicates that the biggest Ethereum wallets, according to Santiment, are showing a positive pattern that suggests a big change.
Meanwhile, Ethereum has an amazing 30-day Average Intra-Day Volatility score of 0.45%, surpassing Bitcoin’s 0.32%, a recent research by IntoTheBlock shows.
Investment strategies may need to change as a result of this change in volatility dynamics, which would highlight the Ethereum market’s dynamic prospects.
(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 Freepik
