Ethereum Jan 12 - ETH On The Way To $3000?

Ethereum Jan 12 – ETH On The Way To $3000?

Capital changes sides – It can be said that the launch of spot Bitcoin ETFs has been successful. The total volume was $4.5 billion in the first few hours of launch. However, the price of Bitcoin stuck at $49,000 before experiencing a decline of around 7%. Ethereum was able to break the resistance at $2,400, which held the price for several weeks. During ETF verification, it was ETH that exploded higher. Are traders betting on another asset to be verified by the SEC?

This Ethereum price analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.

Ethereum price benefits from spot bitcoin ETFs exploding higher

THE speculation around ETFs allowed the cryptocurrency king return very close to $50,000. Now that the SEC has confirmed 11 candidates, could it be Ethereum’s turn? Ethereum price shows a an increase of more than 15% more than a week against the dollar:

ETH is not just beat the dollarbecause the ETH/BTC pair shows a an increase of more than 10% per week and more than 7% in one month.

Ethereum Spot ETF Speculation Just Beginning?

Sometimes expected events operators mark a trend change. For example, since Ethereum works in Proof of Stake (PoS), it it falls short of BTC’s performance.

According to Bloomberg, they currently exist seven applications for Ethereum spot ETF. If the SEC delays its decision until the end, a the first Ethereum spot ETF could see the light of day from May. Meanwhile, it is possible that investors continue to bet on ETH. If this scenario plays out, we will probably have to heed the famous Anglo-Saxon saying “sell in may and go away” (sell in May and move out).

Ethereum price needs to break the resistance at $2,700

ETH displays a dynamic with increasing lows and highs in 4 hours. For now, even if the price has locked at the level resistance at $2,700buyers have control:

However, it will be necessary break away from resistance at $2,700 return to level next resistance at $2,900. If the buyer pushes, ETH could return to the $3000 psychological round number. On the other hand, if the price blocks at resistance at $2,700return to level support of $2,400 is possible. The RSI again shows a bullish momentumbuyers take advantage of the momentum.

After Bitcoin, Is It Ethereum’s Turn To Benefit From Ethereum Spot ETF Speculation? If this is the case, we could imagine that the price could increase in value until the May 2024 deadline. At this point, the price is bullish and buyers are in control of the price. We will need to break the resistance at $2,700 in 4 hours to try to get back to $3,000. Will an altcoin leader show the way for altcoins?

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