Ethereum’s trajectory is in focus, anticipating an upward trend and monitoring key levels amid the potential for a cryptocurrency bull run. Recent milestones, including breaching the $2,100 resistance, underscore crucial levels. BlackRock and Fidelity’s Ethereum ETF applications highlight growing institutional interest. The Fear & Greed Index at 68 signals investor optimism for ETH. Despite a modest 0.29% daily increase, Ethereum’s 6% weekly rise reflects positive momentum.
As the cryptocurrency market teeters on the verge of a potential bull run, heightened expectations surrounding spot Bitcoin and ETH ETFs have firmly placed the spotlight on the ETH price. The looming question is whether we are entering a phase of heightened activity for ETH or experiencing the calm before a potential storm.
Yesterday, the Ethereum price achieved a significant milestone, breaching the $2,100 resistance and precisely reaching $2,141. This breakthrough triggered a swift and intense battle between buyers (bulls) and sellers (bears). Despite an ostensibly favorable market environment, a series of liquidations ensued, resulting in a minor correction in the ETH price.
This article delves into the crucial levels to observe over the upcoming weekend in assessing the Ethereum price outlook. It considers recent market developments and technical factors that could shape the trajectory.
BlackRock and Fidelity Drive Market Momentum With Their Applications for Spot ETH ETFs In the rapidly evolving landscape of the cryptocurrency sector, BlackRock and Fidelity have recently distinguished themselves through entrepreneurial initiatives. BlackRock, renowned as the world’s largest asset manager, officially submitted an application to the SEC on November 16 for a spot ETH ETF named iShares ETH Trust.
Simultaneously, Fidelity, another heavyweight in asset management, emulated BlackRock by filing its application for the establishment of a spot ETH ETF, the Fidelity Ethereum Trust, with the Chicago Board Options Exchange (CBOE).
The close temporal proximity of Fidelity’s application to BlackRock’s underscores the escalating institutional interest in ETH and its investment potential.
Ethereum Fear & Greed Index
The current Fear & Greed Index for ETH stands at 68, signaling a growing sense of optimism among investors. This elevated index is accompanied by an uptick in social activity surrounding ETH, indicating heightened interest and confidence in the cryptocurrency.
Conversely, despite this positive trend, the underlying market reveals a ‘sell’ flow, suggesting a cautious profit-taking strategy among some traders at the time of writing.
Ethereum Price Projection – Points of Interest This Weekend
This week, Ethereum displays positive indicators. With a marginal increase of 0.29% in the last 24 hours, the current ETH price hovers around $2,087. While this percentage might seem modest in isolation, it contributes to a broader trend: ETH has witnessed an increase of over 6% throughout the week.