Today, December 14, Ethereum is looking good, forming a green candle on its daily chart, a good sign for its price. According to top analysts, this may be the best time to grab some more Ethereum before it kicks off.
Some analysts expect the coin to reach a high of $3,000 when this rally starts.
This is going to catch up for sure and I think that ETHUSD goes to $3k in the coming months. pic.twitter.com/ddX8l2s5Ux
— Altcoin Sherpa (@AltcoinSherpa) December 12, 2023
Meanwhile, the potential factor propelling this price growth today is positive sentiment within the crypto market. Can ETH continue the rally to form more consecutive green candles in the days to come, or will it retrace? Find out more below.
ETH Latest Price Movement
Over the past 22 hours, Ethereum (ETH) has been on the rise, surging more than 5.8%. Even in the last seven days, it shows a solid gain of over 3%. During the past month, ETH has exhibited an impressive growth of 12%, as reported by CoinMarketCap.
Taking a closer look at the chart, Ethereum had a promising start to the month. Following a period of price stability, on December 9, it made a sharp jump to $2,400. Investors who bought this coin before this move went home with huge profits.
However, the surge wasn’t sustained, and the price was retraced to $2,136, where it found support.
In recent developments, especially since yesterday, December 13, Ethereum’s chart has been painting a picture with some intriguing green candles. The coin seems to be making its way back to the top.
Based on its current strength, it could break the previous high at $2,400.
The Ethereum Price Analysis: Bulls Maintain Optimism in Ascending Channel
ETH/USDT is currently riding a wave of bullish momentum. This is indicated by the ascending channel marked by green dotted lines on the chart above. The bulls have shown resilience within these few days.
They stopped the bears’ attempt to break the price below this channel.
This defense by the Bulls led to a solid support level at $2158. From this level, the coin is now making a robust upward move. The current outlook shows that the bulls could breach this ascending channel.
Adding to this positive outlook are the Simple Moving Averages (SMA) indicators.
These indicators are marked by a yellow line for the 50-day and a red line for the 200-day. Both indicators signal a bullish sentiment. It also indicates a strong possibility of continued uptrend movement.
The RSI indicator is pointing upward and hovering around 60 levels.
This aligns with the overall bullish pressure, and it further validates the optimism surrounding ETH. However, in this crypto world that lacks stability, it’s essential to consider potential downturns.
If the price goes south, there’s a support level of around $1531. Importantly, this area could act as a roadblock against the downtrend.
Yet, if this level doesn’t hold, there is a risk of Ethereum dropping further to $1369. In all, ETH’s performance is very remarkable today. If the bulls continue with this momentum, the uptrend movement could continue.
However, there are some factors that could potentially support the bullish rally of this coin. Check them below.
Bitwise’s Spot BTCETF Listed on DTCC, Ethereum React
According to Bitcoin Magazine, Bitwise spot Bitcoin ETF has been added to Depository Trust & Clearing Corporation (DTCC).
Based on the report, this listing happened earlier today.
— Bitcoin Magazine (@BitcoinMagazine) December 13, 2023
Know that the Bitwise spot BTCETF is listed with the ticker symbol BITB. This latest development shows that the U.S. SEC is close to approving a Bitcoin ETF. Should this occur, the company will be the first to obtain a green light from the SEC in the United States.
Following this news, the price of BTC increased, and the rest of the market, including ETH, surged as well. This means that the approval of the spot BTC ETF will change the direction of the broader crypto market.
Also, it will affect the price of the first coin, and the rest will follow.
Adding to this excitement, Whale Alert, a tracker of large transactions, shared an interesting ETH movement. According to the platform, about 50,000 ETH was recently moved to an unknown wallet. This transaction originated from a crypto exchange known as BitDao.
— Whale Alert (@whale_alert) December 14, 2023
Using the present rate of ETH, the token amounts to over $113 million. This has caused different speculation within the community. But the fact that it went to an unknown wallet makes things fair. It may imply the person behind the transaction wants to hold the coin for some time.
But, know that Whale Alert didn’t disclose the intention of the person involved. But while there’s hope for a sustained ETH rally, investors eager to buy in cheap should consider the new project making waves already, BTCETF.
Ethereum Top Alternative to Consider: Bitcoin ETF Token
The new project in the world of cryptocurrency is named Bitcoin ETF Token. The project is under the Ethereum network. This project aims to reward its supporters when Bitcoin ETF gets the green light from the SEC.
It’s currently selling its native token and has gathered over $3.6 million.
Right now, each token costs $0.0066, and it’s in the 8th stage of the presale. Another exciting thing about this project is that staking this token gets you more than 135% APY.
Also, to keep growing, the Bitcoin ETF token reversed 25% of its total token for rewards over the next five years. That is something not every project will do.
Bitcoin ETF Token Could Be the Next Big Thing
If the SEC approves Spot Bitcoin ETF, it could be huge for the crypto world. Now, here comes $BTCETF right in the mix. People are feeling optimistic about the coin to do great things.
They believe there’s a possibility of it increasing by ten times after this presale. So, people who want to own the toke should visit its website. You can buy it now with ETH, BNB, MATIC, or USDT.