Ethereum price sits comfortably above $3k as Bitcoin bulls continue to prosper
Ethereum price has shown a strong bullish trend over the weekend as it remained comfortably above resistance at $3,000. It has risen over the past three consecutive weeks and is hovering at its highest level since April 18. The coin jumped more than 258% from its post-FTX crash low. Meanwhile, Bitcoin Dogs continues to gain popularity, raising more than $4.4 million.
The price of Ethereum has increased.
Although Bitcoin remains in a narrow range, ETH has shown strong bullish sentiment over the past few days. The coin now sits above an important resistance point at $3,000 and analysts believe it has more upside ahead.
Investors jumped ahead of potential ETF approvals, expecting more demand. Eight companies, including VanEyck, BlackRock and Franklin Templeton, have all applied for the spot ETF. As such, following the recent approval of the BTC ETF, analysts believe the SEC will have no choice but to approve it.
Thus, the ongoing rise in ETH mirrors that of Bitcoin, which jumped ahead of the ETF confirmation a few months ago. It moved from under $25,000 to over $45,000 to the spot ETF license.
Demand for Bitcoin continues to be high, especially as companies such as BlackRock, Fidelity and Arc Invest have pumped in billions of dollars. Only the Greyscale Bitcoin Trust (GBTC) lost money, which is understandable given its high payout.
Ethereum's price jumped due to its strong market share in key industries such as decentralized finance (DeFi) and gaming. Some key dApps like Uniswap and Compound jumped over the weekend after the recent proposal to reward UNI holders.
Bitcoin dogs are thriving.
Another popular crypto news is Bitcoin Dogs, an upcoming cryptocurrency that is growing. According to the data compiled by the website, the developers have raised more than 4.4 million dollars in less than two weeks and the revenue is growing every day.
This is a big move as Bitcoin has been stuck at $51,000 and has struggled to move above this level several times over the past few days. But on the positive side the coin has created a bully flag design which is a positive thing.
For starters, Bitcoin Dogs is an upcoming cryptocurrency that is the first ICO in the Bitcoin ecosystem. It is made up of 10,000 NFT collection and gaming platform collection. Bitcoin Dogs will have a $ODOG token that powers the network.
Therefore, there is a possibility that Bitcoin Dog will continue to grow now that it has a rich momentum. If this happens, the most likely scenario is that over $5 million will be raised in the coming days. You can read more about Bitcoin Dogs in this white paper.
