Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently pushed above the $1,800 mark. This significant move has been driven by a combination of factors that have created a bullish sentiment in the market.
One of the key drivers behind this surge is the anticipation of a highly significant week of U.S. economic data. Market participants are closely watching these developments, as they can have a substantial impact on the price of cryptocurrencies.
In addition to this, Ethereum’s technical analysis shows an upward trend. The price of ETH has been oscillating around $1,800 since last week. However, it has managed to break above the $1,800 resistance low and is still in the resistance zone. If the price breaks above this resistance zone, it could potentially reach the $2,000 target.
Furthermore, improvements in investor sentiment in ETH derivatives provide hope that Ether price could reach $1,800 or higher by the end of February. This optimism is reflected in the futures premium, which has not entered the FOMO area yet.
In conclusion, Ethereum’s push above $1,800 is driven by a combination of positive market sentiment, anticipation of significant U.S. economic data, and technical factors. As always, investors are advised to do their own research and consider their risk tolerance when investing in cryptocurrencies.