On Tuesday, Ether (ETH), the second largest cryptocurrency by market capitalization, touched its highest level since April of 2022. Ethereum’s native cryptocurrency momentarily surpassed the $3,000 before quickly facing a price pullback.
Ether Briefly Touches The Sky
The whole crypto market has been buzzing with a bullish sentiment in recent weeks after the massive inflows coming into the recently launched Spot Bitcoin ETFs (exchange-traded funds).
Since the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC), eyes have moved to the possibility of other spot crypto-based ETFs in other cryptocurrencies like ETH and XRP.
$ETH vs $3,000
( •_•) (•_• )
( ง )ง ୧( ୧ )
/︶ /︶— Binance (@binance) February 20, 2024
The speculation surrounding the approval of Ether ETFs in May has been one of several actors fueling the recent price surge. The expectation for the approval and launch of the Bitcoin-based investment products filled the crypto market with positive sentiment on the BTC’s price uptrend.
As previously reported, Options traders expect the cryptocurrency’s price to reach $4,000 in the upcoming months. This predicted price range would come closer to the token’s all-time high (ATH) of $4,800, seen during the previous market bull run in November 2021.
However, the first test in a journey to $4,000 presents as the $3,000 resistance level. Analysts have evaluated Ether’s movements as its momentum reignited and considered the $3,000 a possible milestone after the digital asset showed a strong resistance in the $2,800 support zone.
Today, the second-largest cryptocurrency surpassed this key resistance zone momentarily, an achievement not seen since the end of April 2022. However, Ethereum’s native token could not maintain momentum for long and faced a price pullback to the $2,900 level.
JUST IN: Ethereum surpasses $3,000
— Watcher.Guru (@WatcherGuru) February 20, 2024
Whales Are pulling In Both Directions
Recent developments in Ether’s price have had many investors express a positive outlook for the second-largest cryptocurrency. Some analysts even made a bullish prediction on the Altcoin market in general.
Whales have also reacted to ETH’s recent uptrend. According to an X post by Spot on Chain, a whale allegedly bought 54,721 ETH at $2,845 24 hours before the post. These…
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