Ethereum Price Soars 3% as Trump World Liberty Financial Acquires $10M worth ETH – Bulls Target $4,000
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Highlights:
- Ethereum price soars 3% as SEC approves Bitwise’s spot BTC and ETH ETFs.
- Trump World Liberty Financial has bought another $10,000,000 worth of ETH on-chain.
- Analysts predict a strong rally to $6,770 if ETH breaches the $4,000 mark.
The Ethereum price is up 3% to trade at $3,358 as the SEC approves Bitwise’s spot combined Bitcoin and Ethereum spot ETF. This has sparked renewed momentum in the market, laying bullish grounds in the ETH market in the medium term.
According to the SEC filing, the approval was granted on an “accelerated basis,” as the proposal aligns with Section 6(b)(5) of the Exchange Act. This act requires exchanges to implement measures to prevent fraud and manipulation while protecting investors and serving the public interest.
🚨 BREAKING: SEC approves @BitwiseInvest spot $BTC & $ETH ETFs.
ALT SEASON IS UPON US 📈 pic.twitter.com/ecxJhxSchV
— CEO (@Investments_CEO) January 30, 2025
Elsewhere, Trump World Liberty Financial has bought another $10,000,000 worth of ETH on-chain. This recent accumulation may also trigger a rally to $4,000 if the bullish momentum in the market is sustained.
🚨 BREAKING 🚨
TRUMPS WORLD LIBERTY FINANCIAL
JUST BOUGHT $10,000,000 WORTH
OF ETH ON-CHAIN.ETH IS GOING TO $4,000🔥 pic.twitter.com/AT9wydaCVn
— Ash Crypto (@Ashcryptoreal) January 31, 2025
Moreover, a well-known crypto analyst, Ali Charts, has predicted that if the Ethereum price successfully breaks $4,000, the MVRV Pricing Bands suggest potential upside targets at $5,080 and $6,770.
If #Ethereum successfully breaks $4,000, the MVRV Pricing Bands suggest potential upside targets at $5,080 and $6,770.https://t.co/rzHLG07ZmB
— Ali (@ali_charts) January 31, 2025
ETH Statistical Data
Based on CoinmarketCap data:
- ETH price now – $3,358
- Trading volume (24h) – $22.03 billion
- Market cap – $405.21 billion
- Total supply – 120.51 million
- Circulating supply – 120.51 million
- ETH ranking – #2
Ethereum Price Poised for a Breakout to $4,000
The ETH/USD daily chart shows renewed momentum in the market, with the bulls breaking out of a descending triangle pattern. The bulls aim to breach the $3,414 resistance zone, potentially triggering a massive rally to the $4,000 mark. Meanwhile, according to analysts, the whales have already accumulated over $100,000 ETH during the recent dip, which could also contribute to more upside.
Whales bought over 100,000 #Ethereum $ETH during the recent price dip! pic.twitter.com/q2iHx2aIO8
— Ali (@ali_charts) January 30, 2025
The 50-day MA is trending above the 200-day MA, indicating a potential for further upward movement. However, for the bullish outlook to remain intact, the price needs to hold above the $3,414 mark, which aligns closely with the immediate resistance level.
If the price manages to close above the $3,414 level, where the 50-day MA is currently located, it could lead to further testing of the $3,540, $3,720, and $4,000 resistance levels. Conversely, if the price fails to maintain this position and breaks below the $3,228 level, the price could revisit the lower channel boundary near $3,101 or lower.
Technical Indicators Point to More Upside
The RSI has rebounded from the oversold region, currently at 52.35. Its position above the 50-mean level shows neutral momentum. However, the odds lean towards the upside. Moreover, there is still more room for the upside before ETH is considered overbought, reinforcing the bullish grip.
On the other hand, the MACD indicator calls for trades to rally behind ETH, as it has flipped above the orange signal line. This bullish divergence signals heightened buying activity, inclining traders and investors to buy more ETH.
Elsewhere, Coinglass data shows a rise in open interest by 3% to $33.31B, despite a slight pullback in volume by 19% to $36.49B. This indicates that large players(whales) are accumulating positions with relatively low market activity, potentially signaling a brewing trend with cautious market sentiment. This may lead to more upside in the Ethereum price, potentially reaching $3,700 in the long term or beyond $4,000.
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