Ethereum’s price surpasses $2,400 with 25% of ETH supply staked, and applicants for ETFs make amendments to their filings.

FUNDAMENTAL OVERVIEW:

• Ethereum achieved a peak of $2,444, driven by amendments to Spot ETH filings from ETF applicants Ark Invest and 21Shares.
• With 25% of Ethereum supply staked, reducing circulating ETH tokens, the altcoin experiences diminished selling pressure, paving the way for a potential rally to surpass $2,700 in 2024.

On Thursday, Ethereum witnessed a surge in price driven by two significant developments. The ETF applicants, Ark and 21Shares, amended their Spot ETH filings, generating expectations for a potential approval.

On Thursday, the price of ETH reached $2,444, maintaining an upward trend with successive higher highs and higher lows.

On Thursday, Ethereum achieved a significant milestone as the staked supply of ETH reached 25%, a status confirmed by a recent tweet from Lido Finance. This milestone involves Ether being staked, effectively removing it from circulation and subsequently alleviating selling pressure on Ethereum.

Since January 23, Ethereum’s price has been on an upward trajectory, marked by the formation of higher highs and higher lows, as depicted in the accompanying price chart. The immediate obstacle in its path is the 50% Fibonacci Retracement level, positioned at $2,440.09, derived from the decline between January 12 and 23.

ETHEREUM TECHNICAL ANALYSIS DAILY CHART:

Technical Overview:

Ethereum is currently trading within a up channel.

Ethereum is positioned above all Moving Averages (SMA).

The Relative Strength Index (RSI) is in Buying zone, while the Stochastic oscillator suggests Positive trend.

Immediate Resistance level: 2438.78

Immediate support level: 2373.66

HOW TO TRADE ETHEREUM

After experiencing a decline, Ethereum discovered support, initiating an upward movement. Subsequently, it entered a range-bound trading pattern, and presently, Ethereum is attempting to ascend. Notably, it has breached a crucial resistance zone, prompting a favourable environment for considering buying opportunities on any subsequent dips.

TRADE SUGGESTION- LIMIT BUY– 2384.99, TAKE PROFIT AT- 2495.41, SL AT- 2322.70.