On January 12, 2024, Ethereum reached a level of $2700, according to TradingView data, but couldn't sustain that level and experienced a pullback.
At the time of writing, the coin's price stands at $2659, also according to TradingView data. During trading, it reached $2709, setting a new high since April 2022.
Over the past week, the price of Ethereum has risen by 19%, and over the past six months, it has increased by over 39%.
The price of Ethereum in Bitcoin has also increased, reaching a level not seen since October 2023, and currently stands at 0.5969 BTC, according to TradingView data.
Price fluctuations triggered a wave of futures contract liquidations, with losses totaling $41.29 million in a day, according to CoinGlass. It is noticeable that both long and short contract traders suffered roughly equally.
One of the possible factors influencing the Ethereum price is positive expectations regarding the approval of spot-based ETFs based on this asset in the future. Some experts predict that this event will occur in 2024, based in part on the approval of spot Bitcoin ETFs that took place on January 10, 2024.
