The price of ethereum (eth) has been on a steady upward trend over the past ten days, driven by growing institutional interest and optimism from retail investors.
With eth inching closer to $1,700, many analysts predict that it could reach $2,000 before the end of 2023.
Meanwhile, the new ERC-20 token bitcoin Minetrix (BTCMTX) has also generated buzz after successfully raising $2 million in its ongoing pre-sale phase.
ethereum Sentiment Changes as Bulls Target $2,000
The ethereum Fear & Greed Index, a popular measure of market sentiment, currently sits at 55, a notable shift towards “greed” compared to recent neutral readings.
This surge in sentiment coincides with ethereum crossing the $1,600 barrier last Friday, and the token is now hovering around $1,677 at the time of writing.
eth has recorded three bullish daily closes in a row and is on track to record a fourth bullish close today, with the price just below the 200-day exponential moving average (EMA).
Investors will closely monitor this zone as it acted as dynamic resistance on October 1 and forced the price down aggressively.
However, ethereum posted a full bullish retracement candle on the weekly time frame last week, indicating that a further bullish move could be imminent.
This optimistic outlook is further supported by increasing trading volumes, withethereum/” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> CoinMarketCap Data showing that over $7.5 billion worth of eth was traded in the last 24 hours.
eth faces resistance at $1,750, but momentum remains strong
As ethereum price appears to be making a resurgence, many analysts predict that it will soon reach the $2,000 milestone.
Accordingethereum–eth-price-could-overtake-bitcoin-this-week-1382772″ data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> a recent analysis of FXEmpireLarge institutional investors have gradually been shifting their focus from bitcoin to ethereum.
This shift is evidenced by on-chain data showing that US-based crypto whales have increased their buying interest in eth to a 100-day high, while interest in btc has cooled.
From a technical perspective, eth will need to break through the local high of $1,750 to reach $2,000.
A break above this level could open the way for further gains before the end of 2023.
However, while sentiment is bullish, risks remain as eth has struggled through this price zone twice since August.
Therefore, traders will closely monitor key resistance levels and market trends to predict the likelihood of sustained bullish momentum in the coming weeks.
Trending bitcoin Project Minetrix Generates Wave of Excitement with $2 Million Pre-Sale Boost
As ethereum gains momentum towards the $2,000 milestone, investors are also taking note ofethereum-grows-is-2k-incoming-as-this-erc-20-token-also-looks-bullish” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> bitcoin Minetrix (BTCMTX) – a new ERC-20 token that is generating buzz after successfully raising $2 million in its pre-sale.
This innovative project combines cryptocurrency mining with DeFi features, such as staking rewards, with the goal of democratizing and decentralizing the btc mining process.
With a novel “Stake-to-Mine” model that rewards holders with mining credits that can be redeemed for hashing power, the bitcoin Minetrix team aims to disrupt the growing cloud mining sector.
Additionally, BTCMTX holders can also stake their tokens to obtain returns of 278% annually.
More than 150 million BTCMTX tokens have been pledged to the staking pool, which has caught the attention of influential cryptocurrency analysts like Michael Wrubel.
In a recent YouTube video, Wrubel stated that he is “optimistic” about BTCMTXciting the ability for users to create two streams of recurring income as a key reason.
Since BTCMTX tokens are still offered for only $0.0111, many investors see this as a possible entry point for a project with huge potential.
With ethereum looking increasingly likely to reach $2,000, bitcoin Minetrix appears to be riding the wave of market enthusiasm, setting it up for a fruitful finish to 2023.
ethereum-grows-is-2k-incoming-as-this-erc-20-token-also-looks-bullish” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>Visit the bitcoin Minetrix pre-sale
Disclaimer: The above article is sponsored content; It is written by a third party. CryptoPotato does not endorse and assumes no responsibility for the content, advertising, products, quality, accuracy or other materials on this page. Nothing contained herein should be construed as financial advice. Readers are strongly advised to independently and carefully verify the information before participating in any company or project mentioned and to conduct their own research. Investing in cryptocurrency carries a risk of loss of capital, and readers are also advised to consult a professional before making any decisions that may or may not be based on the sponsored content above.
Readers are also advised to read CryptoPotato’s full disclaimer.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off fees on Binance Futures for the first month (terms).
PrimeXBT Special Offer: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 in your deposits.
<!– ai CONTENT END 1 –>
