Crypto

Ethereum (ETH) Price Jumps 7.5%: What’s Driving the Surge?

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Ethereum ETH

Ethereum (ETH) saw a 7.5% price increase on January 24, reaching $3,421. The cryptocurrency has recovered above its 100-day Simple Moving Average (SMA), signaling potential for continued growth.

Market Recovery Lifts Ethereum

Ethereum’s rise is part of a broader market recovery. Bitcoin (BTC) rose 2.6%, pushing its price above $105,000.

Positive sentiment has been fueled by U.S. President Trump’s executive order supporting digital assets like Bitcoin and Ethereum.

ETF Inflows Drive Price Surge

Ethereum exchange-traded funds (ETFs) have seen significant inflows. BlackRock’s ETHA fund received $287.7 million between January 13 and January 23, indicating growing institutional interest.

Technical Outlook

Ethereum is trading above key support levels at $3,200-$3,390. The next resistance is at $3,502, followed by $4,109. If it drops below support, the next levels are $3,260 and $3,000.

Price Predictions

Analysts predict Ethereum could reach $7,000 in Q1 2025, with targets of $3,850 and $4,840 in the near term.

With strong market sentiment and institutional interest, Ethereum’s future looks promising. Investors are watching key levels for further price movement.

Written by
Sazid Kabir

I've loved music and writing all my life. That's why I started this blog. In my spare time, I make music and run this blog for fellow music fans.

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