Ethereum ETF approval helps ONDO soar to $1.33 ATH: $2 next?

• ONDO Finance hits a new all-time high of $1.33, driven by Ethereum ETF hype.
• With recent stability around $1.27, ONDO aims for $2 if it breaks the $1.32 resistance.

There is an unfamiliar entrant into the crypto market rally.

Taking the markets and community by surprise, Pantera Capital’s Ondo Finance [ONDO] has broken an all-time high of $1.33 as the Ethereum [ETH] ETF hype rages on, making it one of the best-performing cryptos.

ONDO: These are some key levels

The ONDO/USDT pair has shown some interesting movements over the last five days.

Starting from a base of around $1.17, the token experienced a sharp increase in trading activity, pushing its price to a peak of $1.33 around three hours ago. 

This upward movement was followed by typical volatility, with prices retracting slightly and then attempting to stabilize near the $1.30 mark before a subsequent pullback to the $1.27 level.

Source: TradingView

ONDO’s trading volume has remained relatively steady, with a notable rise coinciding with the price surge, meaning there has been an increase in buyer interest during that period. 

As the price hovers around $1.27 at press time, the market appears to be consolidating after the recent spike. Traders might be assessing the sustainability of the recent gains before committing to further positions. 

The $1.27 level could also serve as a new support if ONDO maintains its foothold, or it might see further dips if the selling pressure increases.

If ONDO rebounds from its current level and breaks through the resistance at $1.32, it could set the stage for an upward trend towards $1.5 and even $2.

Realistic or not, here’s ONDO’s market cap in ETH terms

The potential for ONDO to achieve a $2 valuation is quite strong, but it’s important to recognize that various factors beyond technical analysis influence crypto prices.

Though we are right at the edge of what might be the greatest crypto bull run ever, the market remains incredibly volatile. Proceed with caution. Always DYOR!