Following Bitcoin’s latest milestone, Ethereum, the second-largest cryptocurrency by market capitalization, is aiming for the $3,000 level, which has the cryptocurrency community excited. Since Bitcoin broke through the $50,000 barrier on February 12, the cryptocurrency market has seen a resurgence of optimism, with analysts and investors betting that Ethereum may see a similarly optimistic upsurge soon.
Ethereum community are encouraged by Bitcoin’s rise to $50,000 and think that Ethereum’s price may continue a similar path in the days and weeks ahead. The “digital fuel” of the decentralized finance (DeFi) ecosystem, Ethereum, is essential to operating many decentralized applications and smart contracts on the Ethereum blockchain.
There has long been a correlation between the values of Bitcoin and Ethereum, with Ethereum frequently reflecting Bitcoin’s price changes to some degree. Due to its status as the most popular cryptocurrency, Bitcoin’s price fluctuations often act as an arrowhead for the whole market, affecting investor attitude and behaviour.
Over 3 Million ETH Holders Buys 6.2 Million ETH, Reaches for $3000
The cryptocurrency community is excited about the possibility of an Ethereum ETF approval because it may lead to a new round of investment in Ethereum and further establish its legitimacy as an asset class. Data from Crypto News says that the Ethereum bull performance was forced to relax, making the token rise to the $2,750 price mark.
It is believed that the bull will gain more momentum, pushing it to $3000 should it make it through the first resistance level. On the other hand, it is expected that Ethereum’s price will reach a negative trend of $2000 should the bears hit it. The available chart on the Crypto News platform shows that over 3 million holders bought 6.2 million units of ETH at $2,300.
Franklin Templeton had on the 12th of February announced it’s interest to stake the Ether which is in possession of the fund. This is a strategy previously adopted by Ark 21Shares. According to Ark 21Shares, their plans also includes a staking language: a feature missing in the BlackRock’s filings.
Data Emerges From Tracked Coinbase Premium Intra-day Report
Some analysts warn that Ethereum’s rise could run into opposition at critical psychological and technical levels. Ibrahim Ajibade, a market watcher, says that with institutional interest growing and excitement running high, Ethereum is well-positioned to take advantage of the favourable atmosphere and maybe experience a bullish uptick in the coming days or weeks.
Index has emerged from Coinbase Premium, which tracked the intra-day variables in the price of ETH, as quoted on Binance and Coinbase Pro exchanges. According to the data, the Ethereum, indexed by Coinbase Premium on February 13, stood at 0.04 and has been moving positively since February 8.
This development is believed to happen because of the hopes of the encroaching market domination of Binance. However, many clients of Coinbase Pro have applied with United States corporations and elite investors looking for a regulated environment to trade.
U.S. Companies Forms Alliance for the Spot Ethereum ETF
Major United States businesses have intensified their efforts to participate in spot Ethereum ETF approval latest, H1 of 2024. Frank Templeton made history on February 12 as the first assets manager to file an application with the United States Securities and Exchange Commission (SEC) seeking approval for a spot ETH ETF.
Recent observation shows that institutional participants in the Ethereum ETF are “walking the talk” by acquiring a large amount of ETH in readiness for the spot market. The positive value seen on the Coinbase Premium index represents Ethereum’s quoted prices on Coinbase have been continuously high compared to what’s applicable on Binance.
This indicates that the intensifying whale’s buying pressure on the Coinbase Pro has outperformed the retail activities on Binance. The growth pattern has often been seen in the structure of the significant price of ETH. Unexpectedly, the price of Ethereum had gained 11% from the day whales rounded up their buying activities on February 8.