Ethereum Surges Amid Market Volatility
Despite the market volatility, investors are more positive about Ethereum than ever. ETH has added 5% in value over the last 24 hours.
The hacking of the SEC's X account caused volatility in the entire cryptocurrency market, causing liquidation of positions totaling $227 million. Still, in this chaos, ETH managed to resist and gain in value. Since the fake news about the approval of the Bitcoin ETFs, Ethereum has grown by 5%. The asset managed to record a 21-month high around $2,400. At the time of writing, ETH is trading at $2,372.
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The Ethereum layer-2 ecosystem recently saw a record TVL of $21 billion, allowing the asset's price to gain a foothold in the market. In addition, Ethereum's staking position remains dominant with 24% of the supply worth around $68 billion. According to Santiment, the number of ETH transactions of at least $100,000 rose 7.9% to 6,242 in the last 24 hours.
From a technical point of view, Ethereum's RSI is at 59, indicating a further potential rally. At the moment, the asset is near the resistance level of $2,380. If ETH is able to overcome it, the token could test $2,400 and then head towards $2,440 and start a steady upward movement to the key resistance level of $2,550. If ETH fails to test $2,400, there is a high probability of falling to support levels of $2,320, $2,300, $2,240, $2,150.
This is not a 100 percent statement. The cryptocurrency market is very volatile. Do your own research.
Despite the unfolding drama regarding the Bitcoin ETFs, the Ethereum community is betting that the SEC will approve the Ethereum ETF next. BlackRock previously filed a Form S-1 with the SEC for its iShares Ethereum Trust. Market sentiment suggests that traders are preparing for Ethereum ETFs.
Investors' confidence is also evident in the fact that the inflow of funds into Ethereum reached $29 million during the week. This made the asset the most popular altcoin.
Following ETH, other Ethereum-based tokens jumped up as well. Liquid staking tokens, LDO and RPL, managed to gain 17% and then jumped back. L2 token of Optimism network gained 9%.
