NEW YORK - Ethereum has maintained its position above the $2,000 mark, a level buoyed by recent bullish market activities including a filing for an Ethereum ETF by BlackRock (NYSE: BLK ). The world's second-largest cryptocurrency by market capitalization saw its trading volume soar by 39.43%, reaching over $12.95 billion.
The digital currency experienced a significant increase in network fees on Sunday, hitting a four-month peak of $5.72 per transaction, as reported by Sentiment. This surge in fees coincides with Ethereum's price rally above $2,000 and is the highest since July 4, although still below May's average fee of $14. Notably, most of these fees were directed toward transactions involving Wrapped Ethereum (with).
Despite the increased cost of transactions, Ethereum has continued to show strength in the market. As of today, CoinMarketCap data indicated that Ethereum registered a modest 0.53% gain over the past day, trading at $2,060.58. This positive movement extends its weekly gains to +8.88%.
Investors and traders are keeping a close eye on Ethereum's performance after it recovered from the support level of $2,030. Market analysts suggest that if Ethereum maintains its current trajectory, it could aim for the next resistance level at $2,150. However, should it fall below the $2,030 mark within the next 24-48 hours, there's potential for a retraction to the support level of $1,945.
The market's optimism remains high following BlackRock's Ethereum ETF filing and Ethereum's ability to stay above crucial moving averages despite a slight pause after peaking at $2,100 earlier this week. An increase in block trades, particularly focusing on December calls, indicates sustained interest and activity in Ethereum's market as it navigates through these price levels.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.