Ethereum (ETH) Price Eyes Next Breakthrough: New High on Horizon

Ethereum's price today is showcasing a bullish surge that is drawing attention across the crypto community. Ethereum is a bellwether for the altcoin market, and today's price action suggests that investors are increasingly confident in the asset's value proposition.

Timeline of Ethereum

Bitcoin (CRYPTO: BTC) moved higher, with the cryptocurrency prices trading above the key $38,000 level on Friday. Ethereum (CRYPTO: ETH) also recorded gains, topping the key $2,100 mark this morning.

Similar to bitcoin prices, the second leading crypto asset in terms of market capitalization has risen on Friday, jumping 2% against the U.S. dollar. The 24-hour price range of ether has been recorded between $2,024 and $2,111, reflecting a volatile yet upward trajectory.

In a significant move for the cryptocurrency market, the United States Securities and Exchange Commission (SEC) has opened the floor for public comments on a proposed rule change. This change could allow Fidelity Investments, a major asset management firm, to offer shares of its spot Ethereum (ETH) exchange-traded fund (ETF).

Ethereum Price Prediction: Ethereum (ETH) price stayed relatively unchanged on Thursday despite the trading volume dropping by 20% to $8.5 billion. Intriguingly, the altcoin's market cap is holding up above $245 billion, according to market data by CoinMarketCap.

The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Fidelity Investments' filing for a spot Ethereum exchange-traded fund (ETF). This follows Fidelity's application on Nov. 17.

Sentiment has been majorly bullish for Ethereum (ETH), particularly with the updates in the last two years. The cryptocurrency market expects a bull market by 2025, and investors are trying to predict its price for the next 24 months.

Being a little different from the Bitcoin price action, the Ethereum price is displaying the possibility of drowning in the current resistance. The price continues to test the crucial diagonal support, which raises concerns over the impending rally.

A wallet allegedly belonging to Three Arrows Capital (3AC) co-founder Su Zhu has moved funds for the first time since his arrest months ago. Etherscan records displayed several incoming and outgoing ERC-20 token transactions to and from an address labeled suzhu.eth on Nov. 29.

The market has experienced a strong recovery since morning, driven by increased anticipation of a spot Bitcoin ETF, sending Bitcoin to a new 2023 peak of $38,500. However, Ethereum hasn't attained this surge, even struggling to approach the psychological level of $2,100.

Ethereum's (ETH) value has surged due to BlackRock's recent filing of an S-1 form with the SEC. This filing suggests that BlackRock intends to introduce a spot ether ETF, which has created a buoyant market sentiment for Ethereum. Also, other cryptocurrencies like Solana (SOL) and NuggetRush (NUGX) are experiencing bullish trends.