The ETH rate tested $3,500. Much faster, almost completing the minimum goals that we set for ETH for the spring.
Analysts #IntoTheBlock turned out to be right with their assessment - $3,000 did not become a serious resistance. And analysts at #Kaiko recently noted that the ratio between #ETH and #BTC rose to its highest level since early January, when ETH tested $3,000 for the first time since April 2022.
Let us remind you that, as we wrote, the asset has two triggers for the growth of ETH in the spring - the release of the#Dencunupdate on the main network (approximately March 13, 2024) and the possible approval of the spot Ethereum ETF (deadline - May 23, 2024, application from #VanEck).
They wrote off their forecast of the minimum growth targets for the ETH rate and justified it here on January 25, at a rate of $2,200. But a third trigger was added for growth - extremely bullish BTC. And the goals are fulfilled ahead of schedule.
On February 20, we wrote that in recent days the asset has broken through an important level of 0.5 on the global Fibonacci (from ATH in November 2021 to Loy in June 2022). This is a rate of $2,875. While the price is higher, ATH renewal is a priority. Now the price of ETH is level 0.618, the rate is $3,346.
Drawing parallels with BTC - on November 10, 2023, we drew attention to the importance of the 0.5 level on the global Fibonacci - rate of $42,167. And on December 5 they added that while the price is above this level, we are waiting for the ATH to be updated and go to the level of 1.618 - the rate of $102,169. At the BTC rate, $64,000 no longer looks fantastic.
ATH for ETH - $4,869. Level 1.618 - $7,334. This does not mean that growth will be without rollbacks. But as long as the price is above the 0.5 level, the rate is $2,875 - the goal is a priority.
ps: It’s a little annoying that#CNBCjournalist Jim Cramer spoke about the great prospects of the spot#EthereumETF. Whose task, judging by his career, is to drive retail into the positions needed by large players with his forecasts and estimates. But there is no growth without dumps.
