While the Bitcoin and cryptocurrency markets have experienced activity in recent hours, BTC and Ethereum have reached new highs.
At this point, BTC rose above $53 thousand for the first time after December 4, 2021, while ETH rose above $3000 for the first time after April 26, 2022.
With this rise, BTC increased its weekly gains to over 6%, while ETH increased it to 13%.
With this rise, 19 million dollars were liquidated in short positions in the last hour, while the most liquidation took place in Bitcoin and Ethereum.
At this point, while the expectation of potential approval in spot ETH ETFs is effective in the rise, investors are also waiting for an approval for ETH from the SEC. Against this expectation, it is evaluated that ETH may continue its rally, and $ 3,500 is seen as the next resistance level.
Speaking to Coindesk at this point, SwissOne Capital's chief investment officer, Kenny Hearn, stated that with this rise, ETH is very close to the $ 3,150-3,300 levels and continued as follows:
“The next level for ETH will be $3,600, and we think that can be achieved fairly easily within the next month as altcoins continue to catch up.
“A potential approval would increase ETH's appeal among more conservative, institutional investors, just as new Bitcoin ETFs launched last month have experienced large inflows.”
Ethereum continues to trade at $2,914 at the time of writing.
*This is not investment advice.
