Ether price nears key resistance level

Ether's rally towards $2100 was driven by developments in layer 2 networks and investors' anticipation of ETF approval.

The asset managed to touch the $2,100 level several times. The $2,100 level has been rejected multiple times over the past three weeks, raising concerns given Ether's 16.2% rally in November. It remains to be seen whether the asset will remain stable above the $2,100 level.

Despite all this, spot ETF applications and developments regarding Ethereum layer-2 solutions have supported the positive momentum.

ETF excitement continues from where it left off
The SEC's decision to launch the vetting process for Fidelity's spot Ether ETF has given investors hope. A potential approval would strengthen Ether's status as a digital commodity while making it less likely to be seen as a security.

The SEC is expected to make its decision on ETFs in January 2024.

Layer-2 developments

The development of layer-2 networks has also been a major catalyst for Ether. The fact that transaction fees on these networks are around $4 was seen as an extremely important development for the ecosystem.

However, Ether's TVL reached a two-month high of 13 million Ether.

On the Tron network, there was a decline in terms of Ether TVL. The 12 percent decline is seen as evidence of the recent loss of trust due to hacking of organizations.

TVL, especially in layer-2 networks, has also increased significantly. TVL on Blast hit $647 million.

Ethereum's leading scaling solutions, Arbitrum and Optimism, had a combined TVL of $2.94 billion.

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