"Do you think the price of ETH can reach $3,000 in the near future?"
The second largest cryptocurrency Ethereum (ETH) saw a climb up to $2,600 as investors showed more excitement after the Securities and Exchange Commission (SEC) approved all Bitcoin (BTC) ETF spot applications.
Additionally, multiple participants in the crypto market including CIO Fund Valkyrie, Steven McClurg have viewed the launch of the ETH ETF as not surprising following several institutions such as VanEck, Ark21Shares, Hashdex, Grayscale and Invesco have submitted applications for spot ETH ETFs.
Because ETH has managed to break through $2,500, its price may target the next resistance zone at $2,800, therefore there are those who predict that the digital asset can rise to $30,000.
Through observation, the Relative Strength Index (RSI) shows that the buying power is increasing while Santiment's daily active address supports the prospect of an increase in the price of ETH following a progressive surge in the public's interaction with the digital asset.
In mid-December 2023, 387,000 daily active addresses have occurred, so the number is currently 413,000 which represents an increase of 6.7% in less than a month.
Additionally, whale transactions for transfers of $100,000 and above have seen a surge highlighted by rising volumes to indicate growing investor interest.
But it should also be noted that the potential of early profit-taking can cause ETH to perform a correction where the price can slide back to $2,388 or even lower at $2,135.
As of this writing, ETH price has surged by 8.89% to $2,577 in the last 24 hours with a market capitalization of $309 billion then recorded a 15.89% increase over the last week.
