Ethereum price increased by 20% in a week

The Ethereum price chart reflects a significant 20% surge in value over a week, with the cryptocurrency reaching a $2700 high by January 12, 2024, as per TradingView data. Despite encountering resistance at that level and experiencing a slight pullback, Ethereum is currently trading at $2659 and has even reached a peak of $2709, marking its all-time high since April 2022. Over the past six months, Ethereum’s worth has impressively soared by 39%.

Compared to Bitcoin, Ethereum has risen to its most robust position since October 2023, recording a value of 0.5969 BTC. This shift has led to increased trading volume and volatility, resulting in a substantial number of liquidations in futures contracts, with the crypto market cap reflecting losses of $41.29 million in a single day.

The growing excitement surrounding the potential approval of Ethereum-based spot ETFs, which leverage smart contracts and the proof of stake mechanism, is a primary catalyst for the recent uptick in Ethereum’s value. Some analysts are holding an optimistic outlook, suggesting that such approvals could materialize in 2024.