Ethereum To Target 3k Level

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Ethereum To Target 3k Level

Ethereum (Eth) To Target $3k Level After Approval Of Btc Etf

Over the years, thousands of altcoins have come and gone, but ETH remains the top player in the game. The current technical setup of the Ethereum (ETH) highlights that the coin will advance further.

The sudden bullish advances in the ETH are not without reason, though; The coin is benefiting from the approval of several BTC ETFs. Accepting Bitcoin-based ETFs also increases the chance that similar products could be launched for the ETH.

Eth Etfs Are Next For Approval

According to sources, the next crypto ETF that will hit the markets will be based on Ether (ETH). Now that the BTC ETF is a done deal, it makes sense for the ETH to rise on expectations of upcoming approval.

According to Steven from Valkyrie Fund, it shouldn't come as a surprise if we talk about the launch of ETH ETF.

Many big names such as VanEck, Grayscale, and Hashdex have also applied to get approval of ETH ETF from the SEC.

The Ethereum trading price nicely follows a bullish channel, which means the next target for ETH is $2700, $2740, $2800, and finally, $3000.

The eventual approval of ETH ETF will also allow Ethereum to increase its market capitalization. However, the chances of ETH crossing the BTC in terms of market cap is still a faraway dream.

But if the ETH-based ETF is approved, the crypto market's mood will be lifted, and the dream of hitting the $3K mark will become a reality.

The RSI indicator on the Ether chart reveals that buying pressure is still dominant and continues to increase. Similar results can be obtained by looking at the MACD and the AO indicators.

The recent events show that the bearish tone surrounding the crypto market has been gone for good, at least in the short term.

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