Ethereum price showed strength over the weekend, staying comfortably above the $3,000 resistance level. It has risen for the past three weeks in a row and is hovering around the highest point since April 18. The coin has surged more than 258% from its low following the FTX collapse. meantime, bitcoin dog It continues to grow in popularity, raising more than $4.4 million.
Ethereum price soars
Despite Bitcoin remaining stuck in a narrow range, ETH has seen a strong rally over the past few days. The coin is currently positioned above the important resistance level of $3,000 and analysts believe there is more upside ahead.
The gains came as investors anticipated more demand ahead of the approval of spot ETFs. Eight companies, including VanEck, Blackrock, and Franklin Templeton, have all applied for spot ETFs. Therefore, following the recent approval of the BTC ETF, there is analysis that the SEC will have no choice but to approve it.
Therefore, the ongoing ETH surge mirrors Bitcoin’s surge ahead of ETF approval a few months ago. It moved from below $25,000 to above $45,000 towards spot ETF approval.
Demand for Bitcoin has remained high, especially with companies like Blackrock, Fidelity, and Ark Invest adding billions of dollars in inflows. Only Grayscale Bitcoin Trust (GBTC) lost money, which is understandable due to its significant fees.
Ethereum price has also surged due to its strong market share in key industries such as decentralized finance (DeFi) and gaming. Some major dApps, such as Uniswap and Complex, soared over the weekend following recent offers to reward UNI holders.
Bitcoin Dogs are thriving
Other notable cryptocurrency news Bitcoin Docs, the soon-to-be-launched cryptocurrency, is thriving. Developers have now raised more than $4.4 million in less than two weeks, with inflows growing every day, according to data compiled by the website.
This is an important move as it is happening at a time when Bitcoin is stuck at $51,000 and has struggled to break above that level several times over the past few days. However, on the positive side, the coin has formed a bullish flag pattern.
First of all, Bitcoin Dogs is an upcoming cryptocurrency that is the first ICO in the Bitcoin ecosystem. It consists of a collection of 10,000 NFTs and a gaming platform. Bitcoin Dogs will also have $ODOG tokens to power the network.
Therefore, it is likely that Bitcoin Docs will continue to thrive as it has bullish momentum. If this happens, it’s the most likely scenario to raise more than $5 million in the coming days. You can read more about Bitcoin Dogs here. blank.