Ethereum

Franklin

Bitcoin

<ul> 
 <li>Ethereum historically correlates strongly with Bitcoin’s price movements.</li> 
 <li>Investor confidence in ETH grows as it sustains levels above $2,700.</li> 
 <li>Multiple on-chain metrics indicate potential for an ETH breakout rally.</li> 
</ul> 
<p><a href="https://thenewscrypto.com/?s=ethereum" target="_blank" rel="noreferrer noopener">Ethereum</a> has shown a strong historical price correlation with Bitcoin. As BTC recently cleared the pivotal $51,000 level, hopes have emerged around Ethereum progressing towards the $3,000 milestone. Multiple on-chain metrics and derivatives market activity point to a potential ETH breakout rally.</p> 
<h2 class="wp-block-heading" id="h-investor-confidence-and-ethereum-accumulation-grows">Investor Confidence and Ethereum Accumulation Grows</h2> 
<p>After slipping below $2,600 amidst some CPI induced Bitcoin consolidation around $50k, Ethereum has found support above $2,700. The crypto market reversal after the CPI print has fueled over $130 million in liquidations in 12 hours, predominantly from short positions.</p> 
<p>As ETH sustains levels above $2,700, investor accumulation has spiked dramatically. Data from IntoTheBlock shows the Ethereum Netflow metric has dropped to -69.95k ETH. This suggests that ETH inflows to exchanges are lagging outflows to wallets for holding by a significant margin – underscoring rising confidence.</p> 
<p>Moreover, the race to launch a US Ethereum ETF is expanding, with Franklin Templeton the latest to file for an SEC approved spot ETH ETF. Such developments appear tailor-made to sustain Ethereum accumulation.</p> 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="477" src="https://thenewscrypto.com/wp-content/uploads/2024/02/image-62-1024x477.png" alt="" class="wp-image-91623" srcset="https://thenewscrypto.com/wp-content/uploads/2024/02/image-62-1024x477.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-62-300x140.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-62-768x358.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-62-1536x716.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/02/image-62.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
<h2 class="wp-block-heading" id="h-major-milestones-loom-on-route-to-3-000">Major Milestones Loom on Route to $3,000</h2> 
<p>After strong defense by bulls near the $2,700 Fib level, Ethereum surged exponentially to $2,773 before witnessing some selling pressure. ETH currently trades at $2,748, up over 5% in a day.</p> 
<p>While the 20-day EMA at $2,619 and an RSI in overbought territory signal potential for a minor pullback, holding $2,700 could propel prices towards the coveted $3k mark.</p> 
<p>On the flip side, the recent breakout level of $2,400 represents initial crucial support. However, a dip below that could intensify selling and expose the $2,150 demand zone next.</p>

Ethereum Poised to Surge Towards $3,000 as Bitcoin Holds Above $51k

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