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Ethereum Price Surge: Bullish Predictions as Ether Eyes $3,000 Retest

Ethereum Price Prediction – How High Can ETH Pump?

Ethereum price predictions are becoming more bullish as the Ether price eyes a retest of the key psychologically important $3,000 level for the first time since April 2022. The market seems to be bullish on Ether despite Bitcoin’s rally stalling around $52,000. The Ether price is up nearly 13% in the past 7 days, compared to a 4.4% price gain for Bitcoin over the same time period.

Bullish narratives relating to Ether have been gaining traction around the market, with more and more analysts expressing a bullish view. Various Ether-based spot ETFs are likely to gain approval this year. Some believe that Ether’s deflationary tokenomics, staking yield dynamics, and environmentally friendly design might make ETH the next “institutional darling”.

Bullish Momentum for Ethereum

Spot Ethereum ETF approvals later this year are far from a done deal. The SEC hasn’t so far provided clear guidance on Ether’s status as a security, which could complicate the approval process. Nonetheless, some still strongly believe that the SEC should approve spot Ethereum ETFs. The utility and growth potential of the Ethereum network make a strong case for institutional adoption through a regulated investment vehicle.

Ether (ETH) Price Increase

Bullish fundamental narratives appear to be combining with strong technical momentum after ETH’s strong bounce from $2,700 support. Looking at the ETH chart on a longer time frame, the picture has been bullish ever since early December when the Ether price broke above long-term resistance at $2,150, marking a breakout from a long-term ascending triangle structure. The Ether price proceeded to find support repeatedly at $2,150 in late December and early January.
| Image credits: Crypto News | Source: Crypto News |

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The confirmation that a near-term price surge towards the next major resistance level at $3,600 is likely. Assuming Ether (ETH) can clear $3,000, a retest of $3,600 seems inevitable.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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