Ethereum Price Soars 10% After Bitcoin ETF Approval by SEC

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Ethereum: Why Investors Can Be 86% Happy

Ethereum has emerged as a big winner following the approval of Bitcoin ETFs by the SEC. Despite a series of downward trends in the preceding days, Ethereum quickly regained its stability and recorded a significant price increase shortly before the ETF approval.

Ethereum sees a bullish trend

After the flash crash on January 3rd, Ethereum struggled to recover and fell into the price range of $2,200. However, with the news of the Bitcoin ETF approval, Ethereum’s price recovered. On the daily timeframe chart, a notable upward trend began on January 8th, leading to a 4.95% increase and driving the price above $2,300.

On the day of the ETF announcement, Ethereum rose to over $2,500, representing an increase of more than 10%. In comparison, Bitcoin, despite its ETF approval, recorded an increase of less than 2%. This suggests that the impact on the value of ETH was comparatively more positive. At the time of writing, Ethereum was trading above $2,600.

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Trading volume reaches highest level in months

An analysis of Ethereum’s trading volume over the past few days shows an upward trend. The volume began its rise around January 9th and peaked on January 11th. On that day, the volume rose to over $31 billion, the highest level in over five months. Also, at the time of writing, the volume remained high and was over $19 billion. This volume trend indicates high trading activity, with buyers showing a more aggressive approach in the market.

Ethereum’s Profitable Supply exceeds 86%

The price drop had a significant impact on Ethereum’s profitability, as shown by Santiment’s chart. However, following the subsequent price recovery, the profitable supply recorded an increase. During the price drop, the profitable supply fell to around 80%. In contrast, it subsequently recorded a notable increase and climbed close to 87% on January 11th. At the time of writing, the figures were around 86.2%, which corresponds to over 113 million. Meanwhile, the seven-day active addresses have risen to around 2.3 million.

Conclusion

The recent developments around Ethereum give reason for joy for investors. With a continuing bullish trend and high trading volume, Ethereum seems well-positioned to benefit from the approval of Bitcoin ETFs. However, it remains to be seen how the market will continue to develop and whether Ethereum can maintain its positive momentum.

Source: AMBCrypto, Trading View, Santiment

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