Ethereum, the world’s second-largest cryptocurrency, has steadfastly held its ground above the $2,000 mark, fueled by recent bullish market activities, including an Ethereum exchange-traded fund (ETF) filing by BlackRock (NYSE:BLK). The cryptocurrency’s trading volume surged by an impressive 39.43%, reaching over $12.95 billion.
A notable development accompanied this positive momentum – a significant increase in network fees, reaching a four-month peak of $5.72 per transaction on Sunday, as reported by Sentiment. Although this surge is the highest since July 4, it remains below May’s average fee of $14. Interestingly, a considerable portion of these fees was directed toward transactions involving Wrapped Ethereum (wETH).
Despite the uptick in transaction costs, Ethereum continues to exhibit strength in the market. According to CoinMarketCap data, Ethereum registered a modest 0.53% gain today, trading at $2,060.58. This positive movement extends its weekly gains to an impressive +8.88%.
Investors and traders are closely monitoring Ethereum’s performance, especially after its recovery from the $2,030 support level. Market analysts suggest that maintaining the current trajectory could propel Ethereum towards the next resistance level at $2,150. However, there’s caution in the air, with the possibility of a retraction to the $1,945 support level if Ethereum falls below $2,030 within the next 24-48 hours.
Market optimism remains palpable, driven by BlackRock’s Ethereum ETF filing and Ethereum’s ability to stay above crucial moving averages, even after a brief pause following its peak at $2,100 earlier this week. The sustained interest and activity in Ethereum’s market are evident, with an increase in block trades, particularly focusing on December calls.
As Ethereum navigates through these price levels, the market’s attention remains keenly focused on potential further developments, both in terms of price movements and broader market dynamics, to gauge the cryptocurrency’s trajectory in the coming days.
