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Ethereum is edging toward $3K, adding 3.9% in the last 24 hours. After months of comparative dormancy, ETH is seemingly waking up.
Currently, Ethereum is up 3.95%, trading at $2,914.
The move follows an exceptionally bullish weekly close for Ethereum, where its price soared past the significant $2.5k level.
Ethereum’s 21-day EMA and RSI indicator also reflect bullish momentum, with ETH finding support on the 21-day EMA before its recent pump and the RSI experiencing a notable rise.
It is likely that besides fundamental advancements, last week’s decisive bullish momentum has enabled today’s strong weekly open.
A new research report by Bernstein analysts says that Ethereum will be the next “institutional darling,” alluding to its pending ETF applications and the significant liquidity inflows they could incur.
Bitcoin has seen $600 million added to its market cap in the last seven days, driven by ETF demand and excitement from speculators anticipating further inflows.
Turning back to Ethereum, Bernstein’s analysis has stoked excitement about a similar demand inflow for ETH.
Meanwhile, on-chain sleuth Leon Waidmann noted that Ethereum layer-2s have seen a significant spike in network activity.
This discerns criticisms of previous bull rallies, where Ethereum fees reach astronomical heights.
The advancement and adoption of layer-2 technology provides an affordable haven for users to interact with Ethereum. Advancement of layer-2 is a long-standing Ethereum goal, so this data is warmly welcomed by community members.
Moving to what this could mean for Ethereum’s price, analyst Rekt Capital suggests a “breakout process” has started on the weekly time frame.
But while Ethereum is surging, many smaller altcoins are also surging.
One of those is Bitcoin Minetrix, an Ethereum-based cloud mining protocol for users to mine Bitcoin free of hardware, expensive overhead costs, and technical expertise.
Bitcoin Minetrix presale surges past $11.1 million
Bitcoin Minetrix has raised over $11.1 million in the ongoing presale.
Throughout the presale, the BTCMTX price has been rising, with the next uptick taking place in 22 hours.
But to further reward early adopters, Bitcoin Minetrix has launched a staking mechanism, providing presale buyers a way to compound their investment.
Staking currently offers a 61% APY, but this will decrease as more tokens are staked.
Bitcoin Minetrix is built around a “stake-to-mine” premise, where users deposit BTCMTX tokens in exchange for Bitcoin mining credits.
They can then burn these credits for cloud mining power, translating to free BTC.
The process requires no hardware or technical expertise, offering a user-friendly alternative to traditional Bitcoin mining.
Additionally, the decentralized and transparent nature of Bitcoin Minetrix eradicates the risk of cloud mining scams. The project has also received a smart contract audit from third-party security firm Coinsult, further attesting to its robust safety measures.
But one of the most anticipated features of BTCMTX is the inherent token utility and correlation to Bitcoin. Users require it for staking, providing a steady demand stream that helps offset speculative-driven volatility.
Meanwhile, BTC rewards mean BTCMTX could surge alongside the world’s most valuable coin; a significantly bullish factor given the upcoming Bitcoin halving.
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Source: https://crypto.news/ethereum-price-approaching-3k-supporters-accumulating/