Why Is Ethereum Price Skyrocketing Today?
Ethereum price surged 4% today, defying the broader market selling pressure and trading around $2,850 levels. Despite the current underperformance, the institutional interest in ETH continues as the CBOE Exchange filed for options trading for spot Ethereum ETF on Wednesday. Market analysts are curious as to whether this ETH surge will continue further moving past $3,000 again. Will the Ethereum Price Rally Sustain? Ethereum price is showing strength once again after collapsing all the way under $2,450 levels earlier this week. Despite its severe underperformance and 20% drop over the past month, market analysts still continue to be bullish on ETH. Prominent crypto analyst Ali Martinez believes that if Ethereum price manages to hold support above $2,500, it could stage a significant rebound, potentially climbing toward $4,000 or even $6,000. However, he warned that failure to maintain the $2,500 level could result in a sharp decline, with $1,700 as the next target. Source: Ali MartinezOn the upside, ETH price needs to break past the $4,00o level to trigger a further rally to $7,000 and even higher to $10,000. Ethereum to See a Bitcoin-Like Breakout? Crypto analyst Titan of Crypto has predicted a significant price move for Ethereum (ETH), citing similarities between its current market structure and Bitcoin’s setup before a major breakout in its previous cycle. “The current structure of Ethereum suggests an explosive breakout could be imminent,” the analyst noted in a post on social media. Traders are watching Ethereum closely as the asset’s technical setup fuels speculation about a potential rally in the near future. Source: Titan of CryptoAs of press time, Ethereum price is trading 2.5% up at $2,834, with its daily trading volume dropping 30% to $30.29 billion. Furthermore, the Ethereum open interest has also surged 4%, moving past $25 billion, while the 24-hour liquidation has surged to $37.68 million with more than $20 million in short liquidations, as per the Coinglass data. Ethereum ETF Demand Continues to Rise The spot Ethereum ETF continues to be in demand recently, with BlackRock Ethereum ETF (ETHA) seeing a massive $276 million in inflows earlier this week on Tuesday. As a result, the total inflows in ETHA since inception have surged to $4.4 billion, showing strong institutional demand. On the other hand, Cboe exchange filed for options trading of spot Ethereum ETF on Wednesday. The filing highlights the Bitwise Ethereum ETF, the Grayscale Ethereum Trust, and the Grayscale Ethereum Mini Trust. Analysts predict that increased derivatives trading could propel Ethereum price toward the $4,000 mark in the weeks ahead. Bhushan Akolkar Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.