- ETH surpasses $2,100 fueled by SEC ETF speculation, climbing 2.90% in the last 24 hours.
- Ethereum’s Goerli Testnet support concludes with the Dencun upgrade as its final implementation.
Ethereum (ETH) continues its bullish trend, reclaiming the $2,100 mark amidst discussions about a potential spot Ethereum ETF (Ethereum-based Exchange Traded Fund) approval by the US SEC. The cryptocurrency’s price surged by 2.90%, reaching $2,108, with a market cap exceeding $251 billion.
The recent surge began with multiple factors, including the anticipation of an ETF approval and the latest Dencun upgrade announcement. The Ethereum blockchain’s multi-client testnet, Goerli, is set to lose support from client and testing teams, signaling the final upgrade before the departure of validators.
Despite stability concerns due to the majority stakeholder departure from the testnet, Ethereum’s development team aims to leverage this transition to test various functionalities, including delayed finality and mass slashings. The specific activation date for the Dencun upgrade on Goerli is expected to be announced soon.
Further, recent data highlights significant Ethereum whale accumulation and a positive shift in major wallet holdings, enhancing market optimism. On the chain data tracker, Santiment reports a positive trend in the behavior of the largest Ethereum wallets, signifying a considerable shift in the market dynamics.
Will Ethereum (ETH) Reach $2500
Taking a close look at ETH’s current market, the technical analysis points to a critical support level at $2,050, with resistance levels at $2,120 and $2,200, potentially driving the price higher.
Presently, Ethereum is trading above $2,090, and the 100-hourly simple moving average, showing a resistance near $2,120. By breaking the $2,120 resistance, the price may surpass a barrier near $2,200. If ETH breaches resistance levels of $2,100 and $2,120, a decisive breach could push the price toward the $2,500 zone.
If Ethereum struggles to surpass the $2,100 hurdle, it might initiate a decline. Initial support is around $2,050, followed by crucial support at $2,030. A break below $2,030 could lead ETH toward $2,000 and potentially even $1,900.
In November, ETH saw significant growth, surging by 17%, largely attributed to factors like the filing for a spot ETH ETF by Blackrock, indicating growing institutional interest in Ethereum. As the market eagerly awaits the ETF decision and navigates through upgrades, Ethereum’s bullish trajectory continues to captivate investors’ attention.
