Ethereum Reaches 20-Month High: 'Going To $8K+,' Trader Says
Portfolio Pulse from Khyathi Dalal
Ethereum (ETH) has reached a 20-month high, surging 4% in the past 24 hours, driven by increased NFT trading volumes and a rise in validators. The asset's one-year gain stands at 75%, with trading volumes of NFTs on Ethereum hitting $147.3 million in a recent week, the highest since late February 2023. The growth is partly attributed to the Pudgy Penguins NFT collection. Ethereum also saw an inflow of $16.5 million in the first week of February and a spike in validator queue to 7,045, the highest since October 2023. The total value locked in Ethereum's smart contracts is at $40.7 billion, the highest since June 2022. Franklin Templeton has applied for a spot Ethereum ETF, and traders predict Ethereum could reach over $8,000, potentially triggering an altcoin season.
February 13, 2024 | 4:30 pm
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POSITIVE IMPACT
Ethereum's significant growth in NFT trading volumes, validator numbers, and smart contract deposits, along with the potential introduction of a spot Ethereum ETF, indicate a strong bullish sentiment in the short term.
The increase in NFT trading volumes and validator numbers directly contribute to Ethereum's network strength and appeal, enhancing its investment case. The application for a spot Ethereum ETF by Franklin Templeton, if approved, could further increase institutional and retail interest, driving up the price. The prediction of Ethereum reaching over $8,000 by traders adds to the positive sentiment, making a bullish short-term impact likely.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100