Ethereum’s rise to $3K, supported by a combination of factors, including ongoing network upgrades to Ethereum 2.0, ecosystem expansion, and growing adoption of decentralized finance (DeFi) and NFTs. Rising interest in the crypto sector, following the approval of the BTC Spot ETF, also supports – The increase in institutional interest in Bitcoin, driven by the approval of the BTC Spot ETF, also supports the growth of the 2nd largest crypto asset.
-Traders are diversifying their investments, looking for alternatives to BTC due to its high price, which increases ETH demand.
Long-term confidence
Investors’ improved market sentiment on Ethereum’s long-term prospects is also supported by successful network upgrades. With inflows exceeding $1.5 billion for the previous week, ETN’s Proof of Stake (PoS) network offers attractive incentives for investors seeking both long-term returns and rewards for those who participate in the network. This growing commitment to the security and stability of the second largest crypto asset supports its appeal to investors amid high crypto market prices and growing scarcity.
Ethereum analysis
Despite today’s surge in ETN, the deeper picture shows mixed indicators. Stagnant transaction volume and the lack of significant positive activity on the chain raise concerns about the sustainability of the current rally. However, rising interest in the derivatives market suggests that leveraged futures traders are increasing ETH demand, supporting the bullish momentum.
-Despite the lack of clear up signals, long-term attitudes around Ethereum remain positive.
The potential endorsement surrounding the ETH Spot ETF
Growing optimism surrounding the potential approval of the ETH Spot ETF by the SEC is further supporting the crypto market. While some crypto experts remain conservative in their expectations, others are setting ambitious price targets, supported by Ethereum’s rally and upcoming network upgrades.

The price of the second most valuable crypto retreated slightly after reaching $3K (11M high), breaking the 50.0FIBO levels around $2870 and the resistance of the ascending channel. Despite the positive long-term outlook, technically speaking, Ethereum may undergo a slight correction or consolidation period in the short term. As the next stop in front of bullish traders is $3500.
-A hold above 50.0FIBO will strengthen the buy side influence, pushing ETH towards $3500, while a retracement of the breakout and a close below $2780 will signal a corrective move, targeting $2600.

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