Although many cryptocurrencies have lost value in the last 24 hours, Ethereum (ETH)'s weekly gains are still above 13%.

According to CoinGecko data, Ethereum rose as high as $2,698 yesterday before falling along with Bitcoin and other cryptocurrencies.

After the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs, the market started to rise, but a downward movement started due to the selling pressure towards the end of the week.

With the price of ETH exceeding the $ 2,600 level, the profit portion of Ethereum in circulation increased to 89.9% for the first time since 2021. This could lead to a correction in ETH price if profit-taking begins.

ETC Group Research Manager André Dragosch thinks that with the approval of spot Bitcoin ETFs, the speculation that spot Ethereum ETFs will also be approved has become stronger.

#BitcoinDunyamiz


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