Ethereum (ETH) has seen impressive gains over the past week, rising 14% to cross the $2,600 mark.
With bullish sentiment returning to the crypto market, could Ethereum hit the $3,000 level later this month if the current momentum continues?
Whale Goes Long on ETH as Token’s Price Keeps Rising
Earlier today, Ethereum’s price tapped resistance at $2,680 after the sharp surge in the past seven days.
This move has sparked speculation that ETH could break through the resistance level and push to new 52-week highs.
Over the past day, spot trading volume for ETH has rocketed 225% to $22.7 billion.
This is three times more than Solana’s (SOL), XRP’s (XRP), and BNB’s (BNB) trading volumes combined.
Driving some of this bullish activity is an Ethereum whale who has employed a risky strategy of going long on ETH using revolving loans on the Spark platform.
According to the on-chain data site Lookonchain, this whale has withdrawn nearly 40,000 ETH worth $99.5 million from exchanges and borrowed over 56 million DAI since February 1 to increase their holdings.
This essentially means that the whale is betting that ETH’s price will rise more than the interest rate on the loans.
Franklin Templeton’s ETF Filing Could Push ETH to $3,000 in February
The buzz around Franklin Templeton’s recent filing for a spot Ethereum ETF could further boost demand and price action for ETH in the coming weeks.
Such an ETF would allow mainstream investors easy exposure to Ethereum’s upside potential if approved.
This additional influx of capital from institutional players would likely absorb a large portion of ETH’s circulating supply – putting upward pressure on the token’s price.
Franklin Templeton is the 8th asset manager to file for a spot Ethereum ETF, although no application has yet been given the green light by the SEC.
Regardless, retail investors are now looking to add ETH to their portfolios in anticipation of ETF approval breaking down barriers to institutional adoption of Ethereum.
Spot ETFs have already fueled Bitcoin’s rise above $50,000, and if a similar product enables the same sort of demand for ETH, it could spark a momentum-fueled rally.
Ultimately, while only time will tell whether ETH can reach $3,000 this month, Franklin Templeton’s vote of confidence, combined with solid technicals, suggests the path of least resistance is to the upside.
Which Other Cryptos Could Surge in February?
While Ethereum is generating the most attention, some investors are searching for the next hidden crypto gems poised for a breakout run.
One project on the rise is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform offering a simple way for investors to earn BTC rewards.
Is Bitcoin Minetrix the Next Hidden Crypto Gem After Raising $10.7m in Presale?
Bitcoin Minetrix is gaining tremendous traction and praise for its aim of revolutionizing Bitcoin mining.
Through its unique Stake-to-Mine mechanism, Bitcoin Minetrix allows everyday investors to participate in crypto mining without expensive hardware or electricity costs.
Users simply have to stake their BTCMTX tokens to generate mining credits to create cloud mining power.
This groundbreaking model provides a low barrier to entry – letting users get involved with minimal initial investment.
Staking BTCMTX also provides enticing yields of up to 63% APY, creating two potential income streams for token holders.
The project has also been applauded for its approach to security and transparency, having undergone a comprehensive smart contract audit from Coinsult.
Backed by a growing Telegram community and coverage from top crypto publications, Bitcoin Minetrix seems poised for growth this year.
The project’s presale phase is nearing the $11 million funding milestone, with investors able to acquire BTCMTX tokens for just $0.0134.
So, while Ethereum has been one of the most talked-about cryptocurrencies this week, Bitcoin Minetrix could emerge as an altcoin gem in February.
Interested investors can buy BTCMTX tokens at bitcoinminetrix.com using ETH, USDT, or a credit/debit card.