- On January 12, Ethereum reached a new high of $2,700.
- However, it quickly retreated and was unable to sustain the level.
- Despite this, Ethereum saw a 19% increase in value over the week.
As of January 12, 2024, Ethereum tested the $2,700 mark, but failed to hold onto it and experienced a pullback, according to TradingView data. The current trading price for Ethereum is $2,659. It is worth noting that this $2,709 peak represents a new high since April 2022.
Over the past week alone, Ethereum’s value has increased by 19%. In the span of six months, its value has risen by more than 39%.
The value of Ethereum in bitcoins is also on the rise, reaching 0.5969 BTC, which is a level not seen since October 2023.
Due to price fluctuations, there has been a wave of liquidations on futures contracts, resulting in losses amounting to $41.29 million in a single day, as reported by CoinGlass. Interestingly, both long and short contract traders suffered almost equally in this position.
One possible factor driving the Ethereum price is the anticipation of the approval of spot ETFs based on the asset in the future. Some experts believe that this approval will happen in 2024, citing the recent approval of spot Bitcoin ETFs on January 10, 2024.