Ethereum prices are holding just below YTD highs as we start the new week. Following a test of the 2153.5 level last week, ETH prices have since cooled a little though retain a firm upside focus on the back of the more than 405 rally we’ve seen since the September lows. The move higher in BTC over recent months has helped fuel a fresh wave of bullish sentiment across the crypto space, benefiting ETH and other market leaders such as LTC and while that dynamic remains in place, ETH looks likely to continue higher near-term.
Along with the excitement around BTC ETF applications, ETH is also benefiting directly from the BlackRock spot ETH ETF application. With approval expected to open up ETH to a flood of institutional demand, the outlook for ETH into early next year remains firmly bullish for now. With the crypto space now looking like it is finally starting to emerge from the ashes of the collapse of the NFT market, long opportunities remain flavour of the day for ETH traders.
Technical Views
Ethereum ETF Speculation
ETH Testing Highs
The recent rally in ETH has seen the market breaking above the 2014 level to test the 2153.5 level highs. Despite stalling for now, while price holds above the 2014 level, the focus is on a further push higher and a breakout above YTD highs targeting a longer-term move up to 2422 next.
