This week has favored the entire crypto market, up 1.68%, as top coins like BTC touch $52,000. Fortunately, this pump affected Ethereum (ETH) positively. Based on data, the coin has been on a steady uptrend since the start of the week.
On Feb 11, ETH oscillated around $2,460 above the $2,158 support. Even though the bear tried their best to pull down the price, the bulls sustained the pressure, and ETH went up.
Surprisingly, on Feb 14, 2024, Ethereum price broke its 2022 high of $2,770. This shows that the buying momentum has exceeded that of the sellers.
Since then, prices have stabilized around that region. But remember that the crypto market is very volatile, meaning that prices can go down or up anytime. As of 05:15 a.m. EST, Ethereum is traded for $2,799.
In the past 24 hours, Coinmarketcap data shows that the coin is not recording any significant changes.
However, over the last seven days of trading, it’s up significantly by more than 15%. This suggests that buyers are still in control of the market.
Looking at the current sentiment in the market, there’s a massive possibility of ETH reaching $3000 in the coming days. Still, certain things need to help push the price up.
Prominent Asset Managers Apply for Ethereum ETFs, A Further Boost For ETH
Several significant investment funds have applied to offer Ethereum exchange-traded funds (ETFs). These include Franklin Templeton, BlackRock, Ark Invest, and more.
Notably, Bitcoin ETFs quickly gathered over $11 billion in assets under management after launch.
This influx of investment helped push Bitcoin’s price over $52,000. Now, the same demand could flow into Ethereum ETFs once approved. These funds may further build up Ethereum’s price.
Additionally, a famous Swiss-based bank announced that it’ll start allowing the staking of Ethereum coins.
Crypto custody firm @taurus_hq has partnered with @LidoFinance to offer liquid staking on Ethereum via Swiss banks. https://t.co/omO5lqSTwh
— CoinDesk (@CoinDesk) February 15, 2024
Staking lets ETH holders earn passive income for securing the network. This could raise the demand for Ethereum as more people may want to stake it. When demand increases, the price of Ethereum may go up.
In addition, investors believe Ethereum will go up, so they’re betting on it in the future market.
Open interest recently rose 30% to over $9 billion. Also, according to Coinalyze data, bulls outnumber bears by 57% in futures positioning. In all, upcoming ETFs and staking products may propel ETH prices higher, like Bitcoin.
These drivers could quickly push Ethereum to retest its high of around $3,000 shortly.
Ethereum Price Boost Likely as Holders Withdraw from Exchanges
Earlier this month, crypto analyst Ali Martinez saw positive signs for Ethereum’s price based on exchange activity. The analyst said about 510,000 ETH left major exchange wallets in just three weeks. This number represents an equivalent of $1.22 billion withdrawn.
In the past three weeks, nearly 510,000 $ETH have been withdrawn from known #crypto exchange wallets, totaling a value of approximately $1.22 billion!
This significant outflow indicates a strong #Ethereum holder sentiment and potentially less selling pressure in the market. pic.twitter.com/6QOFSed1QN
— Ali (@ali_charts) February 4, 2024
Large exchange outflows typically signal holders plan to hold long-term rather than sell. With over $1 billion now in the hands of patient investors, selling pressure may ease. This is evident in the rising ETH price since then.
Further, Ali Martinez added Glassnode data, which confirms this. Ethereum exchange holdings peaked near 14.4 million ETH in December.
Now, fewer than 13.65 million ETH sit on exchanges. With holders opting for storage over selling and leverage declining, Ethereum has room to rally.
Ethereum Price Review: ETH Eyes $3,000 With Strong Bullish Momentum
Ethereum has broken out above its previous 2022 high of around $2,770. Right now, it trades above the 50-day and 200-day simple moving averages. The strong push comes as the Relative Strength Index (RSI) surged over 80.
This signals extreme bullish momentum that may have enough thrust to reach the significant psychological level of $3,000 in the coming days, representing the next target. However, traders should watch the RSI for divergence and the $2,158 level beneath as potential support. A correction is expected since the RSI is at the overbought region.
But for now, all signs point toward Ethereum prices climbing in the short term, especially if the display of momentum can create FOMO among sidelined traders. While ETH climbs higher, investors might consider this latest project, Sponge V2, which is making waves and selling at lower rates.
Ethereum Price Prediction: Sponge V2 Announces Exciting Updates
Visit Sponge V2 Presale
Sponge V2, the new player in the industry, is releasing a crypto game in late 2024. In this game, players can earn tokens just by playing. The game will feature popular cartoons and characters. Additionally, Sponge V2 recently migrated Ethereum to Polygon.
This means faster and cheaper transactions versus Ethereum. Polygon also reduces the risk of ERC-20 contract hacks. Even though the team has stopped V1 holders from exchanging their old tokens for new ones, anyone can still buy them.
For new buyers interested in getting Sponge V2, visit sponge-token. Vip to buy with ETH or USDT.
There is still an opportunity to acquire Sponge V2 tokens before the game’s release. Considering the upcoming game and other utilities, Sponge V2 token could be the next 100x project.
Many crypto/presale experts are already talking about the project, predicting 10 – 100x. If the team executes its roadmap effectively, Sponge V2 will have great potential in the crypto market.
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