Ethereum Breaks Above $2,700 as Bullish Sentiment Prevails

• At the time of writing, ETH is trading at $2747, up 2.43% in the last 24 hours.
• If the price manages to go past $2920 level, then it will likely test $3093 resistance level.

With a price increase that has surpassed $51,000, Bitcoin has reached its highest level since November 2021. Moreover, for the first time in more than two years, the market capitalization of Bitcoin has surpassed the sought-after $1 trillion barrier.

At the same time, Ethereum has shown remarkable resilience by breaking beyond $2,700, a mark not reached since May 2022. Bitcoin and Ethereum prices have recently surged, and analysts are trying to figure out why. 

Factors Affecting Price Surge

Huge investments into Spot Bitcoin ETFs have stoked market confidence, which the experts say has driven most cryptocurrencies’ price increase. The biggest single-day entry since these Bitcoin ETFs’ introduction last month was on February 13th, when inflows reached $631 million.

Speculators seem to be keeping a watch on the April Bitcoin Halving, which has a history of setting off large price surges. This event aims to decrease the rate of Bitcoin’s supply, which might cause a new boom in Bitcoin’s worth and, as a result, boost Ethereum’s price.

A staggering 11,999 ETH, worth over $31,846,205, was moved from Binance to an unknown wallet, as reported by Whale Alert in a tweet. Many have speculated that “whales” may be accumulating additional Ethereum anticipating further surge.

At the time of writing, ETH is trading at $2747, up 2.43% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 5.87%. Amid the recent bull run the price is up 16.47% in the last 7 days.

Source: CoinMarketCap

If the price manages to go past $2920 level, then it will likely climb further to test $3093 resistance level. Consequently, if the price manages to go below $2604 level, then it will likely test $2506 support level.