Kaspa Explodes 20% To Lead Market Recovery, Ethereum Bounces Back Above $3,000 on Renewed Institutional Interest

Kaspa (KAS) has emerged as the biggest gainer as the crypto market rebounds this week. The price of Kaspa is up by 20% today and 42% on the weekly timeframe, pushing KAS above the $0.0610 resistance for the first time since early October. 

Ethereum is another notable gainer, with its rally above the $3,000 level driven by institutional influx. As the Ethereum price moves above the resistance mark of $3,000, analysts in the crypto market imagine that there is a high possibility of the ETH continuing its upward trend to higher prices in the near future.

Kaspa Pumps 20% As Dymension Launches KAS Bridge

As the crypto market recovers this week, Kaspa has emerged as the biggest gainer. The price of Kaspa is up by 20% today and more than 42% in the last seven days as buyers push toward the key $0.062 trendline that has blocked every breakout since 2024.

KAS briefly hit the $0.062 resistance, but was rejected. KAS has now stabilized above the $0.0605 support level. KAS bulls will need to make a run above the $0.0620 resistance for a bigger price rally to happen. If the price of Kaspa closes above this level, KAS will target $0.070.

The price pump of Kaspa in the last 24 hours is fueled by the recent launch of the KAS bridge. Dymsension has announced the launch of the first decentralized Kaspa Bridge designed to give holders access to wrapped KAS on other networks. 

The Kaspa bridge will enable KAS holders to interact with Ethereum and DeFi platforms through wKAS. The launch will position the KAS token for broader usage with the inclusion of cross-chain utility, which has historically supported price expansion for assets.

Ethereum Crosses $3,000 Amidst Renewed Institutional Interest

Over the last 24 hours, the price of Ethereum has jumped by 4.1% and now trades above $3,000. The Ethereum price now looks bullish on the back of Spot Ethereum exchange-traded funds recording their fourth consecutive day of net inflows.

As Ted Pillows reports, in the last 24 hours, Ether ETF inflows crossed $60.8 million, with BlackRock buying $50.2 million worth of ETH. Moreover, Bitmine purchased 69,822 $ETH (197.25M) last week, which also shows renewed interest from institutional investors.

As the trend shifts towards bullish, analysts believe the price of Ethereum might continue its bullish trend to higher heights. To begin with, Ethereum has already broken and retested the order block of $2,000-2,500 on the 1W timeframe.

With this, ETH is billed to rally to a new all-time high, with $4,000 being the major level of resistance to watch. But to validate this trend, the Ethereum price must develop an apparent top beyond the $3,000 and $3,200 levels to indicate that bulls are willing to drive its price to the upside.A similar opinion is expressed by the pseudonymous analyst Ash Crypto, who predicts a new ATH of the Ethereum price of approximately $6,800. The next significant event that can trigger this uptrend is the future Fusaka upgrade that is set to be implemented in December.