Ethereum (ETH) has just crossed the symbolic threshold of $2,300, a first since June 2022. Driven by increasingly solid fundamentals, the flagship cryptocurrency of smart contracts seems set to continue its momentum.
Ethereum soars, ETH crosses $2,300
Ethereum (ETH) has just reached a new milestone. Its value reached $2,349, its highest level since June 2022. According to Sentiment, this performance is part of an encouraging trend: the continued enrichment of the main whale portfolios outside of exchanges and the decline in the selling power of whales on exchange platforms.
This trend reflects the growing adoption of Ethereum among institutional investors. More and more asset managers are banking on this blockchain, which largely dominates the decentralized finance (DeFi) industry. According to DeFi LlamaEthereum would represent 70% of the $107 billion in total value locked in smart contracts.
Recently, ether has progressed with the renewed appetite for cryptocurrencies, like Bitcoin having reached $44,000. This surge reflects optimism around the approval of Bitcoin ETFs and dovish policy from the Fed.
This rise in power is also attracting institutional investors, like BlackRock which will launch an ETF backed by Ether, proof of the confidence placed in this crypto.
ETH heading to new highs?
On a technical level, Ethereum does not encounter any major obstacles before its record, suggesting a potential for rapid growth. Its underperformance compared to Bitcoin this year also gives it plenty of room for improvement.
According to theanalysis of Sentiment, this upward trend should continue. Some analysts believe the chart shows little resistance before Ether reaches its 2022 highs, around $3,500. That’s a meteoric rise of 50%!
Of course, such a rally by the end of December seems ambitious. However, Ether has already made spectacular jumps over short periods of time. At the end of 2020, its value had skyrocketed by more than 80% in two weeks!
Although a rally towards $3,500 in 3 weeks seems ambitious, it is allowed to dream for investors. Regardless, current dynamics show that ETH has regained color at the end of 2023.
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