Ethereum Eyes $3,000 Level Amidst Strong Bullish Sentiment

• At the time of writing, ETH is trading at $2827, up 0.91% in the last 24 hours.
• If the price manages to go past $2971 level, then it will likely test $3166 resistance level.

The increasing demand for Bitcoin from institutional traders has helped push its price beyond $52,000 in recent times. A change in investor attitude is reflected in the spike in Bitcoin’s price.

Since the middle of December, Ethereum’s price has remained within a narrow range. Ethereum has made tremendous gains in the last four days, impacting the amount of liquidations significantly. The rising popularity of ETH staking is one among the reasons that are driving this optimistic mindset. More and more investors are putting their Ethereum into staking contracts as Ethereum 2.0 gains traction.

Bulls in Control

This allows them to receive passive revenue while limiting the market supply. Incredible as it may seem, 30.2 million coins—or 25% of all circulating ETH—are now locked in staking contracts. Moreover, the highly anticipated potential approval of Spot ETH ETF approval in May by the SEC seems to add further fuel.

Ethereum (ETH) has been seeing significant movement this week, getting closer to the $3,000 milestone. At the time of writing, ETH is trading at $2827, up 0.91% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 2.13%. Amidst the recent bull run, the price is up 14.22% in the last 7 days.

Source: CoinMarketCap

If the price manages to go past $2971 level, then it will likely surge further to test $3166 resistance level. On the other hand, if the price manages to go below $2742 level, then it will likely decline further to test $2602 support level.