Ethereum (ETH) has had an impressive rally over the past week, rising 14% to surpass $2,600.
With bullish sentiment returning to the cryptocurrency market, could Ethereum reach the $3,000 level by the end of this month if the current momentum continues?
Whales Invest in ETH as Token Price Continues to Rise
This morning, Ethereum price found resistance at $2,680 after surging over the past seven days.
The move sparked speculation that ETH could break through resistance and hit a new 52-week high.
Over the past day, ETH’s spot trading volume has increased 225% to $22.7 billion.
This is three times more than the volume of Solana (SOL), XRP (XRP), and BNB (BNB) combined.
Driving this bullish activity are Ethereum whales, which have adopted a risky strategy of buying ETH using revolving loans on the Spark platform.
The whale has withdrawn about 40,000 ETH (equivalent to $99.5 million) from exchanges and borrowed more than 56 million DAI since February 1 to increase its holdings, according to on-chain data site Lookonchain.
This essentially means that the whale is betting that the price of ETH will rise more than the loan interest rate.
Franklin Templeton’s ETF filing could push ETH to $3,000 in February
Rumors of Franklin Templeton’s recent spot Ethereum ETF filing could further increase demand and price action for ETH in the coming weeks.
If approved, these ETFs will allow mainstream investors to easily gain exposure to Ethereum’s upside potential.
These additional capital inflows from institutional players will likely absorb a significant portion of ETH’s circulating supply, putting upward pressure on the token’s price.
Franklin Templeton was 8 years old.Day Asset managers can apply for a spot Ethereum ETF, but no applications have been approved by the SEC yet.
Nonetheless, retail investors are now looking to add ETH to their portfolios in hopes that ETF approval will break down barriers to institutional Ethereum adoption.
Spot ETFs have already fueled Bitcoin’s rise above $50,000, and if similar products enable the same demand for ETH, they could spark a momentum-driven rally.
Ultimately, only time will tell whether ETH can reach $3,000 this month, but Franklin Templeton’s vote of confidence, combined with solid technicals, suggests that the path of least resistance is upwards.
What other cryptocurrencies could soar in February?
While Ethereum is receiving the most attention, some investors are looking for hidden cryptocurrency gems that could lead to a breakthrough.
One emerging project is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that offers investors a simple way to earn BTC rewards.
Will Bitcoin Minetrix become a hidden cryptocurrency gem after raising $10.7 million in presale?
Bitcoin Minetrix is garnering tremendous attention and praise as it aims to revolutionize Bitcoin mining.
Through its unique Stake-to-Mine mechanism, Bitcoin Minetrix allows ordinary investors to participate in cryptocurrency mining without expensive hardware or electricity costs.
Users simply stake BTCMTX tokens to generate mining credits to generate cloud mining power.
This groundbreaking model offers a low barrier to entry, allowing users to participate with minimal initial investment.
Additionally, staking BTCMTX offers attractive returns of up to 63% APY, creating two potential income streams for token holders.
The project also underwent a comprehensive smart contract audit by Coinsult and was applauded for its approach to security and transparency.
Fueled by a growing Telegram community and coverage from top cryptocurrency publications, Bitcoin Minetrix looks set to grow this year.
The project’s pre-sale phase is nearing its $11 million funding goal, and investors can purchase BTCMTX tokens for just $0.0134.
So while Ethereum has been one of the most talked about cryptocurrencies this week, Bitcoin Minetrix may emerge as an altcoin gem in February.
Interested investors can purchase BTCMTX tokens using ETH, USDT, or credit/debit cards at bitcoinminetrix.com.