“ETH’s meteoric rise continues as it surges 8%, leaving investors eagerly eyeing the $2,000 mark – will Ethereum’s journey to new heights be unstoppable?”
The Ethereum price has risen to $1,815 today, gaining by 1.5% in 24 hours and 8.5% in the past week amid rising investor positivity. ETH has also risen by 14.5% in the past fortnight, while the altcoin is up by 51% since the beginning of the year. This makes it one of the best-performing major tokens since January, and with its fundamentals and momentum remaining strong, it could easily see additional gains in the coming days and weeks.
Ethereum’s indicators continue to look very strong, with both its relative strength index (RSI) and 30-day moving average signaling further rises. Its RSI has risen back above 70, implying that buying pressure remains very much with the coin. Likewise, ETH’s 30-day average is climbing strongly towards its 200-day average, suggesting that the current rally won’t peak until the shorter-term average is noticeably higher. The coin’s support level also points to additional rises, indicating that ETH won’t fall back down to its pre-rally level if it corrects in the near future.
ETH’s strength is a result of investor positivity regarding Bitcoin ETFs, with the SEC looking increasingly likely to approve a number of recent applications at the start of next year. Such positivity has fed into the rest of the market, with ETH recovering in the past week or so after investors oversold it for a couple of months.
The coin’s fundamentals weighed heavily against the selling it witnessed, and now it’s ready to make up for lost ground. The approval of Bitcoin ETFs opens the door to the approval of Ethereum ETFs, with institutions interested in ETH more than any other altcoin. Additionally, Ethereum continues to be the biggest layer-one blockchain network by some distance, with its total value locked in accounting for roughly 55% of the entire DeFi sector. On top of this, Ethereum has attracted the highest-profile adoption in recent months, including Visa’s stablecoin trials and PayPal’s Ethereum-based stablecoin.
Given such ongoing interest, the Ethereum price is likely to reach $2,000 in the next few weeks and could end 2023 at around $2,500.
While ETH looks set to continue rising, it isn’t the only high-potential altcoin in the market right now. A number of presale tokens, including Bitcoin Minetrix (BTCMTX), look very promising and are likely to witness big rallies when they list on exchanges in the coming weeks. Bitcoin Minetrix has already raised over $2.7 million in its presale and offers users the ability to mine Bitcoin by staking its native token, BTCMTX. As such, Bitcoin Minetrix could end up being highly profitable for investors, especially if adoption causes BTCMTX to rally.
The coin will have a max supply of 4 billion BTCMTX, with new buyers able to join the presale by going to the official Bitcoin Minetrix website. 1 BTCMTX currently costs $0.01130 and will rise to $0.01140 in just over two days. It will also rise to $0.01190 by the time of the sale’s tenth and final stage, while it could jump even higher once trading platforms add it.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
