Ethereum (ETH) Eyes $2400 Level as Bulls Drive Momentum

• At the time of writing, ETH is trading at $2309, up 4.82% in the last 24 hours.
• If the price manages to go past $2317, then it will likely test $2385 resistance level.

The widespread speculation that a Bitcoin Spot ETF is soon to be approved seems to be pumping investors’ optimism. Industry sentiment is becoming stronger as several industry professionals and organizations have said that the SEC might approve a Bitcoin Spot exchange-traded fund (ETF) as early as January 2024.

The widely anticipated Dencun network update is scheduled for 2024, and developers of Ethereum are speeding up testing for it. It will implement “proto-danksharding,” a method for scaling the blockchain, and provide data storage features.

By allowing the storing of enormous “blobs” of data, the new capability aims to increase the blockchain’s data capacity and decrease fees for layer 2 rollups, which are solutions built on top of Ethereum to enhance transaction speeds and costs.

Bold Move

In favor of Ethereum, Arthur Hayes, the founder of the cryptocurrency exchange BitMEX, sold off his assets in Solana. Hayes claims that he reevaluated his portfolio and came to prefer Ethereum over Solana after a revealing meditation session, which led to this strategic decision.

Because of his respect for Vitalik Buterin, Ethereum’s co-founder, Hayes has a good view on the project. He predicts that the price of Ethereum might hit $5,000.

At the time of writing, ETH is trading at $2309, up 4.82% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 29.34%. The price is nearing a key resistance level of $2317.

Source: CoinMarketCap

If the price manages to go past $2317, then it will likely surge further to test $2385 resistance level. Conversely, if the price manages to go below $2217, then it will likely test $2129 support level.