Increased Ethereum (ETH) price. to more than $2,700 early Thursday for the first time since May 2022, as traders bet on the possibility of U.S. regulators approving an Ethereum spot ETF, a move that could boost its appeal to institutional investors on Wall Street.
Optimism grows as Bitcoin ETF raises $11B
As of Thursday, Franklin Templeton, BlackRock, Fidelity, Ark, 21Shares, Grayscale, VanEck, Invesco, Galaxy and Hashdex had filed for the Ethereum ETF.
These companies have already launched spot Bitcoin ETFs, which were approved and released for trading in mid-January. The funds have since raised $11 billion in Bitcoin and helped push the price of the largest cryptocurrency to more than $52,000.
Ethereum can earn rewards of up to 5%
Market observers say such dynamics could fuel demand for ETH.
Another positive is that regulated Ethereum products can also offer Annual bonuses Up to 5% for linking codes.
Bitcoin does not offer such rewards.
There are already plans to introduce such products in some parts of Europe.
High bets on the growth of Ethereum (ETH).
Increased ETH price by 7% over 24 hours before tapering off.
Open interest, or the number of futures contracts tracking ETH prices, rose to more than $9 billion on Thursday, up nearly 30% since early February.
And it shows Analyze data The volume of long contracts betting on the rise of the second-largest digital currency accounted for 57% of total futures contracts in the last 24 hours.
Ethereum returns to 2022 levels
Previous numbers indicate traders are expecting a return Ethereum (ETH) price. to 2022 highs over the next few months.
; In November 2021, Ethereum's highest price was around $5,000.
“As part of a new wave of bullish optimism, the ETH price could quickly approach $3,500 – a return to the April 2022 peak,” Alex Kubetzkiewicz, chief market analyst at brokerage FxPro, said in an email to Reuters.
He added: "A 15% increase in less than nine days indicates impressive buying interest after speculators strengthened their position in January."
Technical analysis of Ethereum (ETH) price.
On the daily chart Ethereum (ETH) price. It moves within the ascending price channel. Then it bounced off the support area of $2130 – $2170.
Currently, it is still a little far from reaching the upper limit. Perhaps he will touch it when it reaches the $3,000 level. But it is trading at the previous support/resistance level around $2,800.
On the 4-hour chart Ethereum (ETH) price. It is also moving in an ascending price channel and has touched its upper border.
Technically it is clear that the price Ethereum (ETH) price. It has reached the overbought saturation stage and a correction is expected. But at present, the fundamental factors of the recovery may be stronger.
In the event of a correction, the support levels shown on the chart are good areas to buy.
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