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”.
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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 |
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.
