Ethereum (ETH) has reached a new peak despite the fluctuations in Bitcoin. This increase is associated with ETH ETF applications and the rise in open positions.
For the first time since May 2022, the price of ETH has surpassed $2,353. Despite the decline in Bitcoin, the rise associated with ETFs could be supported by the open positions in the futures market worth $730 million.
If the price of ETH exceeds $2,536, with the expectation of a 2024 ETF, the next target will be $3,549. For this to happen, we need to see sudden losses in the price of Bitcoin and growth in open positions in the futures market.
In the future, spot ETF approvals for BTC and ETH could trigger greater institutional demand. In this context, an increased appetite for risk can be seen as reasonable.
For now, maintaining the price above the significant resistance level of $2,536 may not be difficult, and there could be a temporary correction at the $3,000 level.