$4k ETH Next? Ethereum Price Rally Gains Traction Above $2,500 Resistance

After breaking past $2,500 resistance, Ethereum appears poised for a renewed rally targeting $4,000 in the near future as analysts turn overwhelmingly bullish on its ascending price channel.

Timeline of Ethereum

Bitso—the crypto-powered financial services company in Latin America—announced that it has integrated a third Layer 2 solution that will facilitate fast and efficient transactions with Ethereum thanks to the incorporation of the Optimism network.

The cryptocurrency market traded mostly high this week, led by Bitcoin and Ethereum, with other cryptocurrencies, including Cardano, XRP, and AVAX, also showing heightened price movements. LINK emerged as a big gainer, trading at $20.42 after a 10.16% gain in the past day and a remarkable 27.12% gain in the past week.

Popular crypto podcaster Lark Davis sees the U.S. Securities and Exchange Commission (SEC) approving more spot Exchange-Traded Funds (ETFs) for altcoins later this year after the approval of several spot Bitcoin ETFs last month.

British Virgin Islands, February 13, 2024 – DeFi lending protocol & decentralized exchange Dolomite has announced its long-awaited launch on Polygon zkEVM, expanding its protocol to one of the largest and most vibrant ecosystems in crypto.

DR Sei upgrades its Devnet with a parallelized EVM for rapid application deployment. Ethereum developers can now deploy their applications on the project without modifying their code. The firm aims to offer an experience similar to traditional web applications, with high speed and efficiency.

Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January. Asset Manager Files For Spot Ethereum ETF Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF.

The new token type claims to solve some of the drawbacks with ERC-404s, an experimental standard that launched last week – to such popularity that it's already driven up congestion on the Ethereum blockchain.

Ethereum has shed a significant part of its supply since the London upgrade, applied in August 2021. According to ultrasound.money, a portal that records several statistics associated with the ETH burn, over 4 million ether (3.2%) have been removed from the network since the adoption of EIP-1559, which changed how fees are calculated.

Ethereum (ETH) is showing a noteworthy pattern in the options market. According to data from Deribit, a leading platform for crypto futures and options trading, there's a significant concentration of call options for ETH around the $4,000 strike price for both the June and September expiries.

The Ethereum community is excitedly buzzing after the seamless deployment of the Dencun upgrade on the Holesky testnet Wednesday, signalling a significant milestone for the crypto network. This groundbreaking development ignited a surge in Ethereum's value, with the price soaring to an impressive $2,425.