Ethereum Leads the Charge Towards $2,000

• The crypto market records massive capital inflow as Bitcoin records a year-to-date high.

• The likes of Ethereum, Dogecoin, Solana, and Cardano have “joined the moving train” to break multiple resistance levels. 

The past 24 hours have been exceptional in the crypto market as the entire market makes a 7.5 percent surge. Bitcoin (BTC) led the rally, charging altcoins to break key resistance levels to hit unimaginable prices. Bitcoin has in the last 24 hours surged by 10 percent and 20.7 percent in the last seven days to hit $34,000. As of press time, the asset had slightly pulled back to trade at $33,951.40. This is a new 2023 high.

Ethereum also led the altcoin fraternity to make a 7 percent run in the last 24 hours and a 14 percent surge in the last seven days to trade at $1,808.06. Ethereum is currently aiming to break down its main resistance level at $2,000 to make an onward surge into the $ 3,000 price zone. 

The current run implies that the asset has extended its year-to-date move to over 50 percent. This upward trajectory could continue with the recent report that the US Securities and Exchange Commission has acknowledged Grayscale’s conversion of Ethereum Trust (ETHE) into a spot Ethereum ETF. Experts admit that the conversion of the $4.8 billion ETHE trust into a spot ETF could prepare the grounds for more mainstream investors to gain exposure to Ethereum. Until then, Ethereum is currently focused on its upward trajectory. 

Analysts have observed that the asset made a breakout above the $1,745 level immediately after completing the double bottom formation. Interestingly, all other signs point towards a continuation of this surge. For now, an additional 12.25 percent surge is imminent to propel the asset to $1,958 once traders maintain their open buys order. In this case, there is a huge possibility of an accompanying surge in trading volume. The reason is the possibility of traders looking for new chances with the asset above the neckline resistance according to analysts. 

Ethereum Favored by Metrics as Altcoins “Join the Moving Train”

The Relative Strength Index (RSI) of Ethereum is also showing a bullish signal with a reading of 75. With this, analysts still issue a sound of caution that the current trend can trigger overbought conditions in an attempt by traders to take a profit. Another metric – Money Flow Index (MFI) which monitors the flow of money in and out of the market indicates that bulls are in control. 

Other altcoins taking full advantage of this rally include Solana, Cardano, and Dogecoin. Solana’s 28 percent move in the last seven days positions it as the 7th largest crypto by market cap. The asset is currently trading at $30.87 after rising by 1.4 percent in the last 24 hours. Cardano, which is the 8th largest crypto by market cap, is currently up by 5 percent in the last 24 hours and 11 percent in the last seven days to trade at $0.278775. Dogecoin is also up by 6.5 percent in the last 24 hours and 11 percent in the last seven days to trade at $0.066412. Analysts have predicted a serious bull run after the Bitcoin halving event next year. 

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