Bitcoin surged above the $43,000 level overnight, and Ethereum followed with $2,300.
ETHUSD – Daily Chart
The next target for ETHUSD could be around $2,550, with higher resistance at $3,585.
Executives in the cryptocurrency industry aim for the rally to continue, with a growing number of investors calling for new all-time highs in 2024 above $100,000. Bitcoin recovered from a deep slump in 2022, rallying more than 120% this year.
“It feels that 2023 was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for 2024 and 25,” Pascal Gauthier, CEO of Ledger, told CNBC.
The crypto industry shrugged off some scandals and is preparing for exchange-traded funds from Blackrock and further institutional adoption.
“I think what the ETF means really is that bitcoin is going mainstream, and that’s what people were waiting for,” Gauthier said.
Meanwhile, there are hopes that Ethereum will also see an ETF on the market alongside BTC and attract further investment flows.
Ryan Sean Adams, the founder of the Bankless Ventures investment fund, emphasised Ethereum’s profitability compared to other blockchains. Adams noted that Ethereum is the only profitable blockchain, generating annualised profits of $2.7 billion. He also said ETH has a higher price-earnings ratio than Amazon, indicating its strength as an investment.
Ethereum’s Merge update in 2022 also led to a less energy-intensive mining process, which will appeal to environmentally-driven investing. Digital asset funds have seen $1.76 billion of inflows in ten weeks, the highest since 2021.
Last week, Ethereum had inflows of $31 million, extending its positive run to five weeks, totalling $134 million as the top altcoin. The coin edged Solana as the most popular altcoin, with a market capitalization of $275 billion behind Bitcoin’s $854 billion.
