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Home»BITCOIN NEWS»Ethereum $2,600 breach sends ETH to $3,000
BITCOIN NEWS

Ethereum $2,600 breach sends ETH to $3,000

By Crypto FlexsJanuary 14, 20243 Mins Read
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Ethereum ,600 breach sends ETH to ,000
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Ethereum pulled off an incredible coup, surpassing Bitcoin by 14% in just two weeks. The digital currency this week broke a major psychological barrier by surpassing $2,600 for the first time since May 2022. Driven by strong fundamentals and increasingly bullish sentiment, this decisive breach could pave the way for Ethereum to rise to the coveted $3,000 level.

Ethereum Violates Serious Psychological Barriers

The $2,600 level was not just a resistance point. This represents a significant psychological hurdle for Ethereum. A break above this level not only confirmed the ongoing upward trend, but also triggered a series of technical buy signals that pushed the price higher. Crunching the numbers paints an interesting picture.

  • Volume spike: As Ethereum surpassed $2,600, trading volume surged 42%, indicating strong buying pressure and investor confidence.
  • Moving Average Convergence Divergence (MACD): MACD, a momentum indicator, showed a strong crossover on the daily chart, further solidifying the upward momentum.
  • Relative Strength Index (RSI): RSI, which measures price momentum based on recent price history, has crossed 60 and entered ‘overbought’ territory. This suggests strong buying enthusiasm, but also suggests the possibility of a near-term correction.

ETH market cap currently at $304 billion. Chart: TradingView.com

Aside from technical indicators, Ethereum’s fundamentals paint an equally fascinating picture.

  • Staking Rewards: Unlike Bitcoin, Ethereum offers 4.3% annual rewards for staking, attracting yield-starved investors and reducing circulating supply, putting upward pressure on prices.
  • Deflation Supply: With nearly 24% of ETH locked up in staking contracts, circulating supply is constantly shrinking, creating scarcity and potentially driving prices higher.
  • ETF wishes: Expectations for the Ethereum ETF are heating up as BlackRock CEO Larry Fink expressed support. Regulatory approval could unlock a new wave of institutional investment, further boosting prices.

Part 2: ETH ETF pic.twitter.com/qnmB7azyQN

— Cryptik1.eth |🛸 (@Cryptik1E) January 12, 2024

an attainable goal

Although reaching $3,000 may seem impossible, historical data shows that it is achievable. In May 2021, Ethereum soared to an all-time high of $4,890, proving its potential for explosive growth. Current market conditions, with strong fundamentals and bullish sentiment, could push Ethereum towards the coveted $3,000 level and potentially even surpass it.

ETH seven-day price action. Source: Coingecko

However, caution is still important. Cryptocurrency markets are notoriously volatile and a downside is always a possibility. Investors should carefully consider their risk tolerance and conduct thorough research before making any investment decisions.

Regardless of short-term price fluctuations, one thing is clear: Ethereum is no longer playing a secondary role to Bitcoin. With solid fundamentals, technical momentum, and ETF potential, Ethereum is poised to take its rightful place as a dominant force in the digital currency landscape.

The recent $2,600 outflow could be the first step on the journey to greater heights, and investors around the world are watching with bated breath.

Featured image from Pixabay

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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