Ethereum reached a yearly high today, crossing the $2.9K mark as it pumps 3.58%.
Is ETH now set to hit the $3k milestone this February?
ETF Hype Rotation From Bitcoin to Ethereum Causes ETH Pump
Ethereum’s latest uptick follows a growing appetite for Ethereum spot ETFs.
The narrative is increasingly vocal, reflecting the profoundly bullish impact of Bitcoin’s spot ETF and advancements in Ethereum ETF applications.
Bitcoin ETFs have seen a staggering $5 billion in net inflows since launching on 10 January 2024.
However, $2.26 billion of these inflows occurred in the seven days leading to 16 February. This illustrates an unprecedented accelerating institutional interest in Bitcoin.
But with several ETF issuers also applying for spot Ethereum ETFs, the market has reacted with massive demand for ETH.
This is evident in the ETH:BTC price chart, where Ethereum is finally breaking out after months of significant downward pressure.
Analyst LondonCryptoClub highlighted this in a recent tweet, speculating a “breakout coming.”
“Stepping back and looking at the bigger picture, we’re testing the top of the nine-month downtrend in the weekly candles,” explained the analyst.
The chart then shows Ethereum finding support and on the cusp of a descending triangle breakout. A decisive upside move will likely ensue if the resistance trend line breaks.
Meanwhile, a recent research report from Bernstein analysts speculates that ETH is likely to be the next “institutional darling” amid advancing spot ETF applications from influential players like BlackRock and VanEck.
Some of these issuers plan to include staking in their offerings, potentially making the ETFs even more attractive to Wall Street investors.
The market’s optimism surrounding ETH is evident on the asset’s weekly price chart, showing it recently broke above an upward trendline resistance, a notably bullish event that signifies strong momentum.
The move propels Ethereum toward $3K, which would be the first time since April 2022 that Ethereum trades at that level.
Currently, Ethereum is up 3.58% today, 14.52% this week, 19.87% this month, and 70.57% this year.
However, analysts believe Ethereum’s recent momentum is only beginning.
Mister Crypto suggests the run signifies the start of the next ETH bull rally.
In a recent tweet, the analyst wrote, “Ethereum history is repeating! Do not get fooled here.”
The traders then displayed a price chart that illustrates a glaringly similar pattern emerging today as before the 2021 bull run.
Meanwhile, prominent analyst Rekt Capital noted that Ethereum has recently broken a crucial resistance level, which enabled drastic movements both times it broke in the past.
The analyst labeled this a “breakout process,” nodding to significant upside potential in the coming weeks.
But this bullish momentum is also evident in many lower market-cap altcoins. However, these projects often hold more upside potential, making them a favorite among high-return-seeking traders.
One altcoin gathering pace is eTukTuk; the project is currently undergoing a presale, having raised over $1.1 million so far.
Green Crypto eTukTuk Hits $1.1M and Offers 191% Staking APY
At the crux of sustainability and AI, eTukTuk is a next-generation cryptocurrency, harnessing the most cutting-edge technologies in the fight against climate change.
The project is building a fleet of zero-emission electric tuk-tuks and implementing a decentralized infrastructure of electric charging stations in developing nations.
Its operations will begin in Sri Lanka, and eTukTuk has already partnered with the nation’s largest privately held company, Capital Maharaja Group.
eTukTuk will leverage AI in its innovative solution, using it for predictive vehicle maintenance, optimizing transport routes, and more.
Meanwhile, its incorporation of blockchain technology discerns the global financial disparity issue, ensuring all people have access to the network.
The $TUK token will transfer value across the ecosystem, with users, charging station operators, and stakers all utilizing it.
Presale investors can buy $TUK for $0.027, but this price will rise throughout the campaign, with the next uptick in nine days. So far, the presale has raised an impressive $1.1 million.
Those who buy the presale can also stake their tokens immediately, currently garnering a 191% APY. However, this will decrease as more tokens are staked, incentivizing early adopters.
