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Ethereum has surged to a 22-month high, reaching $3,125, the highest since April 2022. This surge added a 2.5% gain to ETH, which is up 36% over the past month. Ethereum’s momentum is strong, with analysts targeting the $3,350 level.
Analyst ‘Rekt Capital’ noted that Ethereum is on the verge of a historic monthly close above $2,791, a rare event in a bull market. The asset has shown remarkable growth in February, climbing from $2,260 to over $3,100.
Looking ahead, trader “Satoshi Flipper” expressed bullish sentiment, predicting a price target of $10,000 per token at the peak of this bull cycle. ETH would need to gain 220% to achieve this, a feasible target given recent altcoin performances.
“$10,000 for 1 token at the blow-off top this bull cycle is already programmed,”
Satoshi Flipper Stating
Ethereum is also breaking an important resistance level against Bitcoin, with the ETH/BTC ratio nearing a significant level that could lead to further gains.
Fundamentally, Ethereum remains strong, with narratives around staking and restaking leading the way. Approximately 31 million ETH are staked, over a quarter of the circulating supply. If a spot ETH ETF is approved, it could lead to a supply shock due to reduced availability on markets.
Moreover, Ethereum has been mostly deflationary since the Merge, gradually reducing its supply. These factors, combined with positive market sentiment and institutional interest, position Ethereum for potential further growth in 2024.
Disclaimer: The information provided is not trading advice. CryptoNetCap News holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
CryptoNetCap News Team
