The Ethereum price jumped more than 16% in the past 7 days to trade at $2,816.55 as of 9:20 a.m. EST as investors continue to buy into the altcoin leader.
Analyst Michael van de Poppe told his 693,200 followers on X that Ethereum could see increased demand as the momentum behind spot Ethereum ETF (exchange-traded fund) applications by institutional investors in the US increases.
“VanEck, ARK, Hashdex, BlackRock, Fidelity, Grayscale, and Invesco have filed their Spot Ethereum ETF applications in Q4 2023,” he said. “Franklin Templeton has joined the race and filed for a Spot Ethereum ETF. The rotation towards ETH is closer than we think.”
Ethereum Price Overcomes Another Resistance Level
Daily chart for ETH/USDT (Source: TradingView)
The Ethereum price managed to break above the $2,685 resistance level over the past 24 hours. It is also trading in a positive price channel after it printed a series of higher highs and higher lows over the past 2 weeks. Should this positive momentum continue, the altcoin leader may soon challenge the $2,890 barrier. A daily candle close above this threshold could then give ETH the foundation needed to potentially rise to as high as $3,140 in the next few days.
This bullish thesis may be invalidated if the Ethereum price breaks below the lower boundary of the current ascending price channel, which is also confluent with the $2,685 mark. In this alternative scenario, the crypto could be at risk of collapsing down to $2,440 in the following couple of days. Continued selling pressure could even drag the Ethereum price to as low as $2,295 in the short term.
Ethereum Price: Technicals Look Bullish
Technical indicators on ETH’s daily chart suggest the Ethereum price may continue to rise in the next 48 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators hint at a continuation of the altcoin’s bullish trend in the short term.
The RSI line is breaking away above its Simple Moving Average (SMA) line. Traders may see this as a sign that buyers are growing stronger against sellers. As a result, bulls may continue to elevate the altcoin leader”s price in the upcoming days. In addition to this, the MACD line is also breaking away above the MACD Signal line, which could signal that ETH’s positive trend shows no signs of slowing down yet. If these technical flags are validated, the Ethereum price could break above the $2,890 barrier in the next 48 hours.
While the Ethereum price looks to keep its bullish move going, Bitcoin Minetrix is on the verge of surpassing the $11 million mark in its presale. It’s a project that might appeal to investors looking to diversify their holdings with higher-risk, higher-reward assets.
A Passive Income Stream Paid In BTC
Bitcoin Minetrix introduces an innovative cloud mining platform that addresses the high barrier to entry and start-up costs for anyone that wants to start mining. Through decentralization, the project also makes mining BTC on the cloud more secure.
🚀 Spot Bitcoin #ETFs are shaking up the market dynamics, acquiring #Bitcoin at a rate surpassing miner production by 10x! #WallStreet giants like @BlackRock and @Fidelity are driving this surge, fueling demand for $BTC.
What do you think this means for the future of… pic.twitter.com/sXCwRLmmJA
— Bitcoinminetrix (@bitcoinminetrix) February 14, 2024
To get started, investors will need to purchase BTCMTX on the project’s official website. The token is currently selling for $0.0135 and can be purchased using either Ether (ETH), Tether (USDT) or a bank card. Investors will want to hurry, as the token’s price is set to increase in less than 5 days.
Once purchased, investors will need to stake their tokens in exchange for “gas” rewards tokens. This is part of Bitcoin Minetrix’s unique stake-to-mine mechanism, which lets investors mine BTC by simply staking their BTCMTX tokens. These gas rewards then need to be burned, which will allow token holders to claim a stake of Bitcoin Minetrix’s cloud mining power. As a result, investors will have access to a passive income opportunity which is paid in BTC.
A Potential 10X Opportunity
Experts including Youtuber Jacob Bury say BTCMTX could surge 10X after its launch. This is mainly due to the introduction of spot Bitcoin ETFs in the U.S. and the upcoming halving event. These significant developments are boosting demand and cutting supply, providing a tailwind for the BTC price.
This favorable backdrop could trigger a surge in BTC’s price, which could in turn boost Bitcoin derivative projects such as Bitcoin Minetrix. Its focus on BTC cloud mining adds to BTCMTX’s breakout potential as investors will likely flock to cloud mining solutions after the halving.
BTCMTX can be purchased here.
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