Wednesday, 17 July 2024

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.

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