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Home ยป Ethereum Breaks $2100, Eyes $2500 Amid Greed-Driven Crypto Momentum

Ethereum Breaks $2100, Eyes $2500 Amid Greed-Driven Crypto Momentum

Market Momentum Fueled by Greed as Bitcoin and Ethereum Make Gains.

by Isaac lane
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Ethereum

The cryptocurrency market continues its upward trajectory, reaching a total valuation of $1.44 trillion, with Greed serving as a primary driving force, according to sentiment indicators.

Bitcoin’s Persistent Growth: Targeting $40K

Bitcoin daily chart

Bitcoin faced a fresh test at the $38K level, though it encountered resistance. Despite occasional retreats from local peaks, the dynamics in November suggest a higher probability of surpassing $40K than falling to $35K.

Ethereum’s Fibonacci Retracement: Eyes on $2500

Ethereum daily chart

Ethereum successfully crossed the $2100 level, revisiting the peak established on November 10. The movement featured a classic Fibonacci retracement, with a 61.8% pullback from the initial rally. Breaking through the $2135 level could set the stage for a significant 161.8% growth, approaching $2500.

The Securities and Exchange Commission (SEC) and BlackRock convened to discuss a spot bitcoin ETF. During the meeting, BlackRock presented two potential redemption mechanisms for its iShares Bitcoin Trust.

Grayscale’s ETF Application Update

Grayscale updated its GBTC application to convert into an ETF, changing the ticker symbol to BTC. Analysts view this move as another indication of ongoing negotiations between Grayscale and the SEC.

SEC Commissioner Hester Pearce expressed optimism, stating that the SEC has no reason to prevent the launch of a spot bitcoin ETF. Pearce is known for her positive stance toward cryptocurrencies.

JPMorgan noted that the agreements between Binance and U.S. authorities are favorable, mitigating systemic risks to the industry in the event of a potential platform collapse. The market’s response to the Binance scandal and Changpeng Zhao’s guilty plea remained subdued, with no significant capital flight from the cryptocurrency platform.

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