Ether Price Pumps Towards $3,000 / Source: Adobe
Ethereum price predictions are becoming more bullish as the Ether price eyes a retest of the key psychologically important $3,000 level for the first time since April 2022.
The Ethereum price has been gaining momentum in recent days, despite Bitcoin’s rally stalling around $52,000.
Indeed, the Ether price is up nearly 13% in the past 7 days, according to CoinMarketCap.
That compares to a 4.4% price gain for Bitcoin over the same time period.
Bullish narratives relating to Ether have been visibly gaining traction around the market in recent days, with more and more analysts coming out to express a bullish view.
Bernstein argued this Monday that various Ether-based spot ETFs are likely to gain approval this year.
That, combined with Ether’s deflationary tokenomics, staking yield dynamics and environmentally friendly design could make ETH the next “institutional darling”.
In a note to Cryptonews, Keyrock CEO Kevin de Patoul argued that spot Ethereum ETF approvals later this year are far from a done deal.
“The SEC hasn’t so far provided clear guidance on Ether’s status as a security, which could complicate the approval process”.
That being said Patoul strongly believes that the SEC should approve spot Ethereum ETFs.
“The utility and growth potential of the Ethereum network make a strong case for institutional adoption through a regulated investment vehicle,” he argued.
“Institutions and investors alike deserve easy access to (spot Ether) in the form of an ETF”.
Ethereum Price Prediction – How High Can ETH Pump?
The market certainly doesn’t seem to be paying too much attention to the fact that spot Ether ETF approvals might not come as soon as expected.
Bullish fundamental narratives appear to be combining with strong technical momentum after ETH’s strong bounce from $2,700 support.
Looking at the ETH chart on a longer time frame, the picture has been bullish ever since early December.
That’s when the Ether price broke above long-term resistance at $2,150, marking a breakout from a long-term ascending triangle structure.
The Ether price proceeded to find support repeatedly at $2,150 in late December and early January.
Ether (ETH) Price Pushing Towards $3,000 / Source: TradingView
That acted as strong confirmation that a near-term price surge towards the next major resistance level at $3,600 is likely.
Assuming Ether (ETH) can clear $3,000, a retest of $3,600 seems inevitable.
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