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The Ethereum price has surged to a new yearly high, surpassing the $2,200 level for the first time in 2023. This rally can be attributed to the upward trend of Bitcoin, which has also reached its own yearly highs. The hype surrounding a potential Spot Bitcoin ETF approval has boosted Bitcoin’s price and pulled up the rest of the crypto market with it, including Ethereum. Additionally, there has been a short squeeze in Ethereum, resulting in the liquidation of over $30 million in shorts.The market is currently experiencing a high level of greed, as indicated by the Crypto Fear & Greed Index. This has attracted new money into the market and contributed to the increase in Ethereum’s price. While the index suggests that the rally may not be over yet, extreme greed is typically a sign that a rally is coming to an end.Ethereum whales, or large investors, have been actively buying up the cryptocurrency, leading to a significant rise in trading volume. Ethereum and Bitcoin have dominated the total crypto trading volume recently.Although Ethereum has mostly followed Bitcoin’s performance, it has not seen the same level of success. While Bitcoin hit a new yearly high in November, Ethereum did not do so until December. Currently, Ethereum is trading at $2,200 compared to Bitcoin’s $41,000.Despite lagging behind Bitcoin, Ethereum is still showing bullish signs, with a 3.91% increase in price in the last 24 hours. At the time of writing, Ethereum is trading at $2,248.