ETH price surprised the market with a notable show of strength. Cointelegraph explains what is behind the bullish momentum.
Ether (ETH) price broke the resistance at $2,400 for the first time since May 2022, as traders turned their attention to the possibility of an Ethereum exchange-traded fund (ETF) coming after a spot Bitcoin ETF is approved.
Ether price rose sharply from the opening price of $2,343 on Jan. 10, soaring more than 7.8% in the last 24 hours and 85% over the last 12 months to reach a year-to-date high of $2,444.
ETH was the only non-stablecoin coin among the top 10 cryptocurrencies by market capitalization that traded with a bullish bias in the minutes after the SEC’s incorrect tweet on spot BTC ETF approvals contributed to significant price volatility in Bitcoin (BTC) price.
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Source: https://cointelegraph.com/news/ethereum-s-changing-narrative-spot-etf-and-altcoin-beta-hype-back-eth-rally