Ethereum
Ethereum breaks $3,000 barrier as Coinbase and BlackRock place big bets
Ethereum (ETH), the world’s second-largest cryptocurrency, is currently experiencing remarkable growth, attracting the attention of investors around the world. This surge is fueled by a mix of positive market sentiment, encouraging CPI inflation data, and ongoing developments in the cryptocurrency world.
From now on, ETH is valued at $3,004.66, representing a significant increase of 3.63% over the past day alone. This surge propelled its market capitalization to an impressive $357 billion.
Key developments for Ethereum
Behind the rise of Ethereum are several key developments. Notably, Coinbase, a major fintech player, has chosen Ethereum as its reference network for on-chain products and services. The move demonstrates strong confidence in Ethereum’s capabilities and is likely to attract more users to Ethereum, thereby boosting demand for Ether (ETH) tokens and driving up prices.
Additionally, BlackRock, the world’s largest asset manager, is close to approving an Ethereum spot. ETFs. The move has sparked institutional interest, potentially leading to significant investment flows into Ethereum.
Layer 2 extension
In addition, Ethereum Layer 2 Networks grow quickly, reducing transaction costs and improving scalability. This makes Ethereum more attractive for various applications, from decentralized finance (DeFi) to non-fungible tokens (NFT).
ETH Technicals Remain Strong
From a technical perspective, Ethereum has shown resilience in the face of market volatility. Recent bullish momentum has pushed the price above key resistance levels at $2,950 and $3,000, reaching a new weekly high at $3,039.
What’s next for Ethereum?
Going forward, breaking through the $3,050 resistance could lead to further price increases, targeting levels around $3,220. On the other hand, failing to breach this barrier could trigger a downward correction, with support levels around $2,930 and $2,900.
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