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The post <a href="https://coinpedia.org/price-analysis/ethereum-price-rally-eth-price-poised-to-hit-2800-by-weekend/">Ethereum Price Rally : ETH Price Poised To Hit $2800 By Weekend</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
On January 10, 2024, the SEC approved all Bitcoin Spot ETFs. The first regulated spot, Bitcoin Exchange-traded-funds (ETF), was approved by the SEC a few hours after its fake release, causing $300 Million in Bitcoin liquidation within a few hours.&nbsp; 
<h2 class="wp-block-heading" id="h-etf-approval-opens-eth-gateways-to-2800">ETF Approval, Opens ETH Gateways to $2800!</h2> 
On top of this huge development, Ethereum (ETH) is currently exhibiting notable strength, surpassing Bitcoin’s performance with an 8% surge, driven by the mounting anticipation surrounding the potential approval of spot Bitcoin Exchange Traded Funds (ETFs). 
Now that the outcome of Bitcoin ETF approvals is out, there is a growing <a href="https://x.com/EleanorTerrett/status/1744797194958365133?s=20">expectation </a>from analysts that Ethereum might experience a similar trend. Numerous institutions have already submitted applications for spot Ethereum ETFs, contributing to a supply shock as funds pour into the Ethereum market in anticipation of a potential ETF launch. 
ETH’s price action shows a bullish flag pattern due to consolidation between $2200 support and $2400 resistance. Buyer enthusiasm rises as Ethereum breaks out, suggesting a bullish 2024. 
So, what’s the deal? Is this correction a dip you should buy? Will Ethereum go up? 
<h2 class="wp-block-heading" id="h-technical-on-chain-metrics-say-s-possible-but-with-a-twist">Technical, On-Chain Metrics Say’s Possible but with a Twist…</h2> 
Technically, Ethereum’s price is navigating within an ascending parallel channel, indicating a bullish stance and the possibility of reclaiming the $2,457 range high. This upward momentum could propel ETH towards the $2,800 level, marking a substantial 15% increase from its current levels. In an exceptionally bullish scenario, Ethereum might even reach the $3000, indicating a 25% surge. 
Supporting this optimistic outlook are various on-chain metrics. Santiment’s daily active addresses metric reveals a consistent increase in crowd interaction with Ethereum, reflected in the rise of daily active addresses from 387,000 to 413,000 in under a month—a 6.7% growth. Additionally, whale transactions involving transfers of $100,000 and above have experienced a notable uptick, underlining heightened investor interest. 
However, it’s crucial to acknowledge the potential for correction, especially if bears take control. A downside correction could lead to ETH losing support at $2,388. In a more adverse scenario, a prolonged decline might push the proof-of-stake (PoS) token down to $2,135, signaling a potential shift in the prevailing bullish sentiment if a lower low is established. Overall, Ethereum’s current dynamics are intricately tied to the broader market sentiment and developments surrounding Bitcoin ETF approvals.

Ethereum Price Rally : ETH Price Poised To Hit $2800 By Weekend

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