Ethereum is slowly making it’s way towards the $3,000 mark. With the bullishness in Bitcoin, Eth seems to following the trend.
Can Eth keep us the bullishness or should we look to sell? In this article, we will discuss the price action, weekly analysis along with the news roundup of Ethereum.
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Ethereum Price Prediction
Ethereum is currently trading at $2,770, with a 24-hour trading volume of $21,393,441,137 . Ethereum has a circulating supply of 120 million ETH, and a market cap of $299.61 billion , making it the second most valuable cryptocurrency after Bitcoin.
The price is bouncing from the support trendline of the ascending broadening wedge. Currently, it has broken the horizontal support ray. We can expect a bounce upward if the candle closes above the horizontal ray level.
On the other hand, it may also drop from this point.
Ethereum is currently trading in a narrow range between $2,474.35 and $2,522.98, after reaching a monthly high of $2,717 on 8 Feb 2024.
Ethereum has strong support at the level of $2,445.
Weekly Price Analysis
Ethereum has had a volatile week, as it fluctuated between $2,374 and $2,717, with a weekly change of 2.63%. Ethereum started the week on a high note, as it surged to a new monthly high of $2,717 on 8 Feb 2024, driven by the anticipation of the spot ETH ETF.
However, Ethereum faced a sharp correction on 9 Feb 2024, as it dropped to $2,374, amid a market-wide sell-off triggered by the uncertainty over the SEC’s decision.
News Roundup
Here are some of the latest news headlines affecting the Ethereum ecosystem:
- EigenLayer’s Cap Lift Prompts $4B Inflow as ETH Restaking Heats Up: EigenLayer, a DeFi protocol that allows users to stake their ETH on Ethereum 2.0 without locking it up, lifted its cap on deposits, which resulted in a $4 billion inflow of ETH into the protocol, as users took advantage of the opportunity to earn double rewards.
- ARK Invest and 21Shares Outline Cash Processes in New Ethereum ETF Bid: Ark Invest and 21Shares refiled their joint application for a spot ETH ETF, and outlined the cash processes for creation and redemption, which are similar to the ones used by the recently approved spot Bitcoin ETFs, according to Bloomberg ETF analyst Eric Balchunas.
- Vitalik Buterin and Ethereum Foundation Explore Strategies to Optimize Blockchain for Rollup-Centric Roadmap: Ethereum co-founder Vitalik Buterin and the Ethereum Foundation are considering multiple strategies to reduce Ethereum’s maximum block size, in order to optimize the blockchain for a rollup-centric roadmap, which aims to enhance the scalability and security of the network.
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