As Bitcoin’s bullish run has soared past the value of $50,000, the attention is now turning towards the way of Ethereum, the second-largest cryptocurrency by market capitalization. The anticipation around the trajectory of Ethereum also turns towards a brighter picture as well-known analysts, such as Michaël van de Poppe, voice optimism.
At the moment, Ethereum is exchanging hands at $2,661.01, as per Coinmarketcap. The 24-hour trading volume for the digital asset currently stood at around 19 billion, an increase of almost 180%. Over the past 24 hours, ETH jumped 7.11% upwards. Additionally, it managed to gain 14.53% in the weekly chart. Such bullish momentum underlines the resilience of Ethereum with the possibility of further growth.
Van de Poppe tweeted to “be cautious” on ETH in consolidation around $2,150, which has now flipped to a support role. He indicated a potential upside breakout targeting the $3,500 price level. Such insights from experienced analysts only fan the speculative fire as traders and investors wait with bated breath for ETH’s next moves.
Financial Giants Queue Up For Spot Ethereum ETFs
Furthermore, the analyst pointed out that there is also a huge trend that is going to happen in the area of cryptocurrencies. The top financial institutions filed for Spot Ethereum Exchange-Traded Funds (ETFs) in the fourth quarter of 2023 are Van Eck, ARK, Hashdex, BlackRock, Fidelity, Grayscale, Invesco, and now Franklin Templeton also joined the race. The analyst said, “The rotation towards $ETH is closer than we think.”
The emerging institutional attention is definitely a significant pivot toward the mainstream adoption of Ethereum and adds greater prominence within the digital asset space. Such ETFs would hand traditional investors a tool to make a bet on the movements of the prices of ETH without the trouble of buying and storing the digital asset.
Meanwhile, crypto expert Jelle weighed in on what lies ahead for ETH, brushing aside the detractors and emphasizing the resilience of the cryptocurrency. Jelle singled out an important technical point that Ethereum was marking its first higher low versus Bitcoin in well over a year. This will, together with the market sentiment, put an upward swing in the price movement of Ethereum. Jelle’s endorsement adds another layer of confidence to the ETH community.