Ethereum’s (ETH) price has been on a steady uptrend in the last ten days, buoyed by growing institutional interest and optimism from retail investors.
With ETH inching closer to $1,700, many analysts predict it could hit $2,000 before the end of 2023.
Meanwhile, the new ERC-20 token Bitcoin Minetrix (BTCMTX) has also generated buzz after successfully raising $2 million in its ongoing presale phase.
Ethereum Sentiment Shifts as Bulls Eye $2,000
The Ethereum Fear & Greed Index, a popular measure of market sentiment, currently sits at 55 – a noticeable shift towards “Greed” compared to recent neutral readings.
This rise in sentiment coincides with Ethereum crossing the $1,600 barrier last Friday, with the token now hovering around $1,677 at the time of writing.
ETH has posted three bullish daily closes in a row and is on track to post a fourth bullish close today, with the price sitting just below the 200-day Exponential Moving Average (EMA).
Investors will be watching this area closely, as it acted as dynamic resistance on October 1 and forced the price down aggressively.
However, Ethereum did post an entire bullish retracement candle on the weekly time frame last week, indicating that further upside movement could be imminent.
This optimistic outlook is further supported by increased trading volumes, with CoinMarketCap data showing that over $7.5 billion worth of ETH was traded in the past 24 hours.
ETH Faces Resistance at $1,750, Yet Momentum Remains Strong
With Ethereum’s price looking resurgent, many analysts predict it will soon hit the $2,000 milestone.
According to a recent analysis from FXEmpire, large institutional investors have gradually shifted their focus from Bitcoin to Ethereum.
This shift is evidenced by on-chain data showing that US-based crypto whales have increased their buying interest in ETH to a 100-day peak, while interest in BTC has cooled.
From a technical perspective, ETH will need to clear the local high of $1,750 to reach $2,000.
A breakout above this level could open the path for further gains before the end of 2023.
However, even though sentiment is bullish, risks remain since ETH has struggled around this price zone twice since August.
Therefore, traders will closely monitor key resistance levels and market trends to predict the likelihood of a sustained upward push in the coming weeks.
Trending Project Bitcoin Minetrix Rides Wave of Excitement with $2m Presale Raise
As Ethereum builds momentum towards the $2,000 milestone, investors are also taking note of Bitcoin Minetrix (BTCMTX) – a new ERC-20 token generating buzz after successfully raising $2 million in its presale.
This innovative project combines crypto mining with DeFi features like staking rewards, aiming to democratize and decentralize the process of BTC mining.
Boasting a novel “Stake-to-Mine” model that rewards holders with mining credits that can be exchanged for hash power, Bitcoin Minetrix’s team aims to disrupt the growing cloud mining sector.
Additionally, BTCMTX holders can also stake their tokens to earn yields of 278% per year.
Over 150 million BTCMTX tokens have been pledged to the staking pool, drawing the attention of influential cryptocurrency analysts like Michael Wrubel.
In a recent YouTube video, Wrubel stated that he is “bullish” on BTCMTX, citing the possibility for users to create two sources of recurring income as a key reason.
With BTCMTX tokens still on offer for just $0.0111, many investors view this as a potential entry point for a project with huge potential.
Given that Ethereum looks increasingly likely to hit $2,000, Bitcoin Minetrix appears to be riding the market’s wave of excitement, setting it up for a fruitful end to 2023.
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