According to CryptoPotato, Ethereum (ETH) has seen a surge in discussion rate within the crypto community, following the approval of Ethereum ETFs in Hong Kong. This has placed Ethereum at the top of a particular ranking, despite a recent 5% decline in its value over 24 hours and a 15% weekly drop. Market intelligence platform Santiment revealed that Beam (BEAM) and Tether (USDT), the largest stablecoin by market capitalization, followed Ethereum in the ranking. Other cryptocurrencies that made the list include Cat in a Dogs World (MEW), Avalanche (AVAX), Toncoin (TON), and Ondo (ONDO).
The increased interest in Ethereum is largely attributed to the recent approval of spot Bitcoin and Ethereum ETFs in Hong Kong. This move by the regulators of China's special administrative region is seen as an indication of the city-state's ambition to become a global crypto hub. Despite the popularity of Ethereum among industry participants, the native token of the blockchain platform, ETH, has experienced a significant setback. Its price has fallen by 5% in the last 24 hours and 15% over the week, coinciding with a broader market decline that has also affected Bitcoin (BTC).
Crypto analyst Rekt Capital suggested that Ethereum's price trajectory is mirroring the downside wick of mid-2021. The analyst believes that a new bullish momentum for Ethereum depends on a weekly close above $2,800. Another user, Crypto Tony, also weighed in on the discussion, stating that maintaining a price above $3,040 is crucial for bullish momentum.