Ethereum

Solana

ERC20

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
The recent outage on the <a href="https://u.today/solanas-sol-crucial-support-didnt-hold-after-outage-cardano-ada-loses-lifeline-support-avalanche">Solana</a> network, which caused a temporary service interruption, has coincided with a strong price movement for <a href="https://u.today/ethereum-name-service-ens-jumps-25-after-mega-deal">Ethereum</a>. Historically, such events have often preceded growth for Ethereum, and this time appears to be no exception. Following the Solana network's return to normal operation, Ethereum has capitalized on the moment, breaking through a significant resistance level and setting its sights on the $3,000 mark.
Technical analysis of the <a href="https://www.tradingview.com/">ETH/USD trading pair</a> reveals a decisive move through the local resistance level, represented by the 50-day Exponential Moving Average. This indicator often serves as an indicator of the short-term movement direction, and ETH's clear breach above this level suggests a shift in market sentiment. Traders and investors are watching closely, as Ethereum's ability to maintain this position could signal a continued upward trajectory.
<img alt="https://www.tradingview.com/" data-entity-type="file" data-entity-uuid="2efe971c-5424-4f4b-aa1b-819ac7e9ef74" src="https://u.today/sites/default/files/inline-images/image_455.png"><a href="https://www.tradingview.com/">ETH/USD Chart by TradingView</a>
Adding to Ethereum's momentum is the introduction of the ERC404 token standard. This new standard represents a cutting-edge development, combining elements of the ERC20 and ERC721 standards to facilitate native liquidity and fractionalization. While still experimental, the ERC404 token standard is poised to provide fresh fuel for Ethereum's ecosystem, potentially attracting innovative projects and investments that could fuel further growth.
Nevertheless, it is crucial to acknowledge that Ethereum's ascent to the highly anticipated $3,000 level is contingent upon substantial support from investors. In the burgeoning world of cryptocurrencies, investor confidence is often a key driver of market trends.&nbsp;
The speculation surrounding the approval of an Ethereum ETF adds another layer of potential support. An ETF would offer investors a regulated and accessible means of gaining exposure to Ethereum without the complexities of direct cryptocurrency ownership, possibly unlocking a wave of institutional and retail investment.

Ethereum (ETH) Aims at $3,000 After Massive Breakthrough Caused by Solana Outage

U_Today

Other articles published on Feb 7, 2024

240,000 ETH Moved to Top Exchanges as Ethereum Sees Pullback After Recent Surge

Cardano (ADA) Struggles Against New AI Token Option2Trade (O2T) 100x Prediction

Stablecoins – Who will achieve regulation, the United States or the United Kingdom?

Growing Momentum On Rebel Satoshi Presale Is Drawing Attention Away From XRP and AAVE

Bitcoin miner CleanSpark set to double hash rate as halving approaches

SEC Seeks Public Comments On Ethereum Spot ETF Proposal From Galaxy And Invesco

Join our free newsletter for daily crypto updates!