ethereum (eth) price has risen sharply today, reaching a new high in 2023 of $2,250 As the cryptocurrency market continued an upward trend towards a successful end to the year.
The recentethereum–eth-price-hits-new-2023-peak-stakers-make-surprise-350m-move-1393021″ target=”_blank” rel=”nofollow”> strong upward trend on ethereum aligns with bitcoin's continued attempt to surpass $41,000, which it achieved today. At the time of writing, the price of bitcoin was $41,437.
Analysts say the approval of a BlackRock spot ether instrument would result in an influx of institutional capital into ethereum, the world's second-largest cryptocurrency network.
ethereum price surge
The latest charts show an upward trajectory that has many analysts and investors optimistic about the cryptocurrency reaching the coveted $3,000 barrier in the coming weeks or months.
While this was happening, a crucial on-chain trading statistic reveals that, just 24 hours before the most recent price breakout, ethereum 2.0 bettors made an unexpected $330 million move.
eth Staking Flows. Source: IntoTheBlock
On December 2, investors withdrew a whopping 169,220 eth (around $337 million) from proof-of-stake contracts on the eth 2.0 beacon chain, according to IntoTheBlock.
Interestingly, since the ethereum Shapella upgrade allowed withdrawals in April 2023, this is the second highest staking withdrawal amount.
Resilient Rebound and Bullish Market Signs
Today, as the price of bitcoin broke the coveted $41,000 barrier, the cryptocurrency market is starting to feel more optimistic again.
eth price recovered from the psychologically critical threshold of $2,000 in response to this positive change, showing an 8% weekly increase to its current trading price of $2,250.
ethereum currently trading at $2,244.7 territory on the daily chart: TradingView.com
The classic sign of a bull market is a sequence of higher lows and higher highs, which is what we see when we look at ethereum's daily chart. The 50-day and 100-day moving averages served as dynamic resistance, but the price has now broken above both.
“On the back of lower yields, cryptocurrencies have risen nicely, along with gold,” crypto data firm Amberdata said in a newsletter on Sunday.
In a note, Lucy Hu, senior analyst at Metalpha, said there is growing market expectation of a rate reduction over the next year.
Investor optimism is also growing about the potential for bitcoin ETF applications by major asset management firms.
She states:
“This is an official declaration of a bull run and there may be additional price increases in the coming weeks.”
Meanwhile, the laws may also have an impact on the price of ethereum in the future; While favorable developments may encourage investment, stricter laws may entail risks. Important factors also include investor sentiment and the state of the economy.
It is unclear whether eth will surpass bitcoin in market valuation; This will depend on things like adoption rates and network improvements. Right now, bitcoin is in the lead with a much larger market capitalization.
(The content on this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk.)
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