Altcoin king is back in action, and in the midst of the fluctuation in the price of Bitcoin, we saw the price of ETH reach a new peak. This is due to spot ETH ETF applications and increasing open positions. So, how high can this rise go? Let’s delve into the details and expectations of the ongoing surge.
Why is Ethereum Rising?
For the first time since May 2022, the ETH price has now surpassed $2,353. Despite the pullback in the price of Bitcoin, the upward movement is linked to ETF. The sudden opening of a $730 million open position in the futures market could support the rise with sustained demand.
If Ethereum (ETH) price can surpass $2,536, the next target, with the 2024 ETF expectation, will be $3,549. For this to happen, we need to see sudden losses in the BTC price and the continued growth of open positions in the futures market. A temporary correction may occur around the $3,000 level, and for now, the price remaining above the significant resistance level at $2,536 may not be as challenging as feared.
Future spot ETF approvals for BTC and ETH have the potential to trigger greater institutional demand. In this regard, increased risk appetite can be deemed reasonable.
