Ethereum enthusiasts eagerly anticipate a potential surge, as attention centers around the examination of a critical resistance level at $1,960. This assessment comes following recent price movements in the cryptocurrency market, signaling the possibility of Ethereum’s future trajectory.
Crypto analyst Ali Martinez, renowned for sharing insights on various cryptocurrencies, has shed light on the potential breakout for ETH. Martinez shared a screenshot from IntoTheBlock, analyzing an Ethereum chart to determine when the cryptocurrency might experience a surge. The key hurdle for Ethereum, as identified by the analyst, is a significant resistance at the $1,960 level. Martinez’s X post reveals that 1.14 million wallets purchased approximately 33 million Ethereum coins, emphasizing the importance of this level.
Recently, there have been notable instances of new investors accumulating significant amounts of ETH. For instance, four new blockchain addresses acquired a total of 56,070 ETH, investing a combined $98.06 million in fiat currency.
Ethereum’s Strong Performance Amid Broader Market Surge
Earlier this week, Ethereum delighted the crypto community by surging 10.57%, reaching $1,846 per coin. On the same day, Bitcoin, the leading cryptocurrency, recorded an 11.73% increase, surpassing the $34,000 mark. Ethereum’s surge coincided with Bitcoin’s upward movement, which boosted the overall cryptocurrency market.
Unlike other cryptocurrencies, Bitcoin has managed to maintain its position above $34,000, partly due to the anticipation of the SEC’s potential approval of a Bitcoin spot ETF. Prominent figures in the financial world, such as Anthony Scaramucci, founder of SkyBridge Capital, and Mike Novogratz, Galaxy Digital’s chief, expect a favorable decision from the SEC this year.
However, Ethereum experienced a slight retreat after its 10.57% rise, trading within the $1,780 range for several days. Despite a 4.29% increase today, the second-largest cryptocurrency has fallen back to the $1,821 level as of the time of writing.
In the cryptocurrency realm, it’s not only Bitcoin ETFs making headlines. Several ETH futures ETFs were launched in October, a period affectionately dubbed “Uptober” by the crypto community for its optimistic outlook. Notably, the trading volume for these products did not reach the expected levels.
These funds were introduced by companies such as ProShares, VanEck, Bitwise, Valkyrie, Kelly, and VolShares on the CBOE exchange. In the initial hours of trading, the combined trading volume for these Ethereum futures ETFs only amounted to $1.7 million. In contrast, when a Bitcoin futures ETF was launched by ProShares in 2021, its trading volume quickly exceeded $200 million within the first quarter of an hour.
Currently, several ETH spot ETFs await approval, as the SEC evaluates them alongside Bitcoin spot ETFs. Grayscale has filed for an Ethereum spot ETF, contributing to the ongoing developments in the crypto market.