Ethereum (ETH-USD) is rising on Monday, climbing above $3,100. The cryptocurrency has been moving upward on growing speculation that there could eventually be spot Ethereum ETFs as well as the upcoming Dencun upgrade.
Yahoo Finance’s Jared Blikre breaks down the price action.
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Let’s take a look at ethereum we have certainly seen a rally play out now well above a 3,000 Crossing above that 3100 level Jared blicker has a closer look at this rally that we’ve seen and exactly I guess why we’re seeing this rally and what this could mean here for what’s
Ahead Jared yeah sometimes it’s difficult to tease out the Catalyst and the true meaning uh and Origins Behind these moves but one of the reasons uh so two things happen happening actually there is a spot ethereum ETF there’s lots of hype around that very similar to the Bitcoin spot Bitcoin ETF but there’s
Also an upgrade scheduled for Mar March 12th uh it’s denin upgrade and that’s supposed to make it more uh quick uh more uh compatible uh actually more um faster with respect to salana I guess that’s the word I was looking for I do find it interesting that over the last 3
Days ethereum has been up 4.1% while salana competitor is down about 7/10 of a percent so I think Shauna that actually gives some weight to that potential argument that this is in fact about the upgrade but let’s take a a look at the price action this is over
The last 3 days we actually punched above 3,000 a few days ago over the weekend and let me just show you a fiveyear view so we can see those record highs right around 5,000 now as it happens a lot of times when we don’t have a lot of price history we’ve just
Gone straight up sometimes it pauses at these big psychological levels 3,000 was a level 3500 is a level right here 4,000 is a level so we’ll have to watch these as we keep uh heading High here but it looks like there’s a lot of fuel in the
Tank for crypto we have the Bitcoin havening now that’s Bitcoin not ethereum but there’s it does uh create a lot of excitement around uh Bitcoin and crypto in general when we have these happenings and that’s going to happen in April every time that’s happened before that
Has kicked off a crypto super cycle so we could be in store for that as well and since I mentioned salana even though it’s lagered over the last few days here’s a look at salana over the last 5 years this wasn’t even more parabolic chart that we saw a couple years ago in
Its rise but I’m checking out this consolidation here and let me put a three-month chart on this is a pretty tight formation and I got to think with the price uh with price coming off of these lows very quickly and then taking a few months to regroup that only makes
It more likely that whatever we launch Beyond this point that this will be used as a support base so for instance if we were able to launch up here come back down these levels right in here around 100 should theoretically act as support guys all right Jared thanks so much for
Breaking the down certainly seems like at least for now the crypto bull market getting just a bit wider
