Sunday, 19 January 2025
Trending
CryptoEthereum

Bullish Ethereum Prices Could Drive Up To $3,100, An Analyst Suggests

  • ETH has performed better recently than Bitcoin and a lot of other altcoins, indicating a change in the dynamics of the market.
  • At 60%, the volume of ETH and altcoins now dominates BTC, the highest level in more than a year.
  • Both Bitcoin and Ethereum‘s 30-day volatility increased to 40% and 50% in November.

Ethereum has performed better recently than Bitcoin and a lot of other altcoins, indicating a change in the dynamics of the market. Despite ETH’s difficulties gaining traction over the previous year, BlackRock’s application for a spot exchange-traded fund (ETF) caused a sharp shift in the market’s perception of the cryptocurrency and a reversal in the ratio of ETH to Bitcoin (BTC).

This had significant market effects, with daily spot trade volumes reaching $7 billion, the highest since FTX’s collapse, and ETH prices rising above $2,000 for the first time since April.

Ethereum Prices

The narrative surrounding the ETH ETF gave the rally more momentum, which was reinforced by a decrease in US Treasury yields and an improvement in global risk sentiment.

With ETH and altcoin volume dominating BTC at 60%, this is the highest level in over a year. The return of open interest in ETH to levels observed in early August suggests that leverage is increasing as a result of this increase in demand.

The fact that ETH funding rates are at their highest points in more than a year suggests a big change in sentiment. Both Bitcoin and Ethereum’s 30-day volatility increased to 40% and 50% in November, respectively, after hitting a multi-year low of about 15% in the summer.

Expert in the cryptocurrency space Michael Van de Poppe believes ETH is about to make a big move. The end of the bear market may be indicated if Ethereum can overcome the critical resistance level of $2,150. The yearly high of $2,139 that Ethereum faces, though, has already created a barrier and stopped its bullish momentum.

Related posts
BlockchainCrypto

QBT’s Method C AI Oracle Achieves Real-Time Bitcoin Mining Breakthrough

QBT’s Method C AI Oracle now mines live Bitcoin blocks with 30% enhanced performance. The AI…
Read more
CryptoTrending

Trump’s Executive Order Could Make Crypto a National Priority

Donald Trump plans to issue an executive order elevating cryptocurrency as a national…
Read more
BusinessCrypto

Crypto Investment Trends: Younger, Educated Investors Dominating Market

60% of crypto investors are aged 25-44, with many holding bachelor’s or advanced…
Read more
Newsletter
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *

AltcoinsCryptoTrending

Cryptocurrency Price is Surging 300% Increase in Price

Worth reading...