In this ongoing challenging market sentiment, traders and investors are confused as the market is very unpredictable. Amid this challenging market sentiment, the world’s biggest cryptocurrency Bitcoin is struggling to gain momentum, whereas Ethereum (ETH) and its tokens based on it have gained massive price surges. According to CoinMarketCap, BTC has gained only a 0.5% price surge, whereas ETH has experienced a massive price surge of 5% in the last 24 hours.
Ethereum and other altcoins surged following this development
Besides BTC and ETH, other Ethereum-based tokens including Ethereum Name Server (ENS), Lido DAO (LDO), Aave (AAVE), Pepe (PEPE), and Ondo (ONDO) have experienced a massive price surge of 23%, 22%, 14%, 12%, and 11% respectively in the last 24 hours. However, the reason behind this impressive price surge is that ConsenSys announced that the SEC closed its Ethereum 2.0 investigation.
However, this is not the only positive development toward Ethereum; earlier ETF (Exchange-Traded Fund) experts made a statement that the Securities and Exchange Commission (SEC) might begin trading Spot Ethereum ETF before July 2, 2024, as reported by Todayq News. Combining both positive developments creates a bullish sentiment toward Ethereum.
Ethereum price and technical analysis
Following this bullish sentiment, Ethereum is currently moving near $3,540, and in the last 24 hours, it experienced an impressive price surge of 4.5%. Besides this, it also made an intraday high of $3,580. If we look at the performance of Ethereum over a longer period, in the last 7 days it experienced a 2% price drop. Whereas, in the last 30 days, ETH experienced a 14% price surge.
Despite a massive price surge in the last 24 hours, the trading volume plunges by 10%. This trading volume drop in the last 24 hours signals a fear in the market.
According to expert technical analysis, Ethereum is still in a consolidation phase between $3,435 and $3,650 levels. However, the current market sentiment, Ethereum price might consolidate between these two levels. Although, it may hit the $3,650 level in the coming days. Whereas, investors and traders are also looking to bet more on these Ethereum-based altcoins.
