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#write2earn #ETHER $ETH SHINES BRIGHT: SPECULATION SURROUNDING US CRYPTO ETFS BOOSTS INVESTOR SENTIMENT #ethereum #etherumETF #eth
Ether is stealing the spotlight from Bitcoin, driven in part by speculation that the upcoming wave of spot US crypto exchange-traded funds will prioritize the second-largest digital asset, fueling heightened investor interest.
This year, Ether has surged 28%, surpassing Bitcoin's 21% gain, a reversal from 2023 when Bitcoin led the charge. Within the past 24 hours, Ether hit $3,000 for the first time since April 2022, before retracing to $2,920 as of 11:00 a.m. Wednesday in London amidst a broader selloff in crypto markets.
Cautious US regulators greenlit the nation's inaugural spot Bitcoin ETFs in January following a legal setback last year. These 10 portfolios have attracted a net inflow of $5.2 billion since their launch on Jan. 11. While some crypto enthusiasts see these funds as a precursor to Ether ETFs, others doubt regulatory approval and anticipate further legal battles.
Stefan von Haenisch, head of trading at OSL SG Pte in Singapore, anticipates Ether's continued outperformance of Bitcoin in the coming months, particularly as the potential ETF approval draws closer around April-May. However, von Haenisch is skeptical that US Securities and Exchange Chair Gary Gensler would greenlight Ether ETFs unless compelled by court rulings.
In the derivatives market, open interest in CME Group's Ether futures platform is nearing record levels, indicating institutional investors' growing demand for exposure to Ether.
Ether serves as the token of Ethereum, the blockchain with the most commercial significance in the crypto sector. Investors can earn rewards by staking Ether to support the operation of the digital ledger, a process known as staking. The percentage of Ether being staked has hit an all-time high of 25%, according to Validator Queue, which reduces supply and could support prices.
Ether is stealing the spotlight from Bitcoin, driven in part by speculation that the upcoming wave of spot US crypto exchange-traded funds will prioritize the second-largest digital asset, fueling heightened investor interest.
This year, Ether has surged 28%, surpassing Bitcoin's 21% gain, a reversal from 2023 when Bitcoin led the charge. Within the past 24 hours, Ether hit $3,000 for the first time since April 2022, before retracing to $2,920 as of 11:00 a.m. Wednesday in London amidst a broader selloff in crypto markets.
Cautious US regulators greenlit the nation's inaugural spot Bitcoin ETFs in January following a legal setback last year. These 10 portfolios have attracted a net inflow of $5.2 billion since their launch on Jan. 11. While some crypto enthusiasts see these funds as a precursor to Ether ETFs, others doubt regulatory approval and anticipate further legal battles.
Stefan von Haenisch, head of trading at OSL SG Pte in Singapore, anticipates Ether's continued outperformance of Bitcoin in the coming months, particularly as the potential ETF approval draws closer around April-May. However, von Haenisch is skeptical that US Securities and Exchange Chair Gary Gensler would greenlight Ether ETFs unless compelled by court rulings.
In the derivatives market, open interest in CME Group's Ether futures platform is nearing record levels, indicating institutional investors' growing demand for exposure to Ether.
Ether serves as the token of Ethereum, the blockchain with the most commercial significance in the crypto sector. Investors can earn rewards by staking Ether to support the operation of the digital ledger, a process known as staking. The percentage of Ether being staked has hit an all-time high of 25%, according to Validator Queue, which reduces supply and could support prices.
#Write2Earn #ETHER ’S STRUGGLE AT $3K: INSIGHTS AND OUTLOOK FOR INVESTORS
$ETH
#Ethereum is facing resistance at the $3,000 mark, but indicators suggest a potential continuation of the bullish trend. The recent surge in Ether's price, climbing 29.7% from February 6 to February 20, is attributed to decreasing supply fueled by rising demand for staking, decentralized finance (DeFi) applications, and the network's proof-of-stake burn mechanism.
Despite Ether's impressive rally to $3,000, the focus shifts to whether it can reclaim the coveted $3,300 level last observed in March 2022. Crypto investor Ryan Sean Adams speculates on X social network that Ethereum's demand season is yet to come, suggesting that the introduction of a spot Ether exchange-traded fund (ETF) could further boost its price amid declining supply.
Analyzing supply data, there's been a decrease of 18,960 ETH in total coins circulating over the past 30 days, indicating a potential scarcity in available ETH for sale. However, net withdrawals on exchanges have been preferred over deposits since February 15, potentially influencing price dynamics. Despite these trends, Ether's price remained relatively stable leading up to January 5, suggesting that factors such as staking and DeFi demand may not directly impact available supply.
The potential approval of an ETF could drive a rally in Ether's price, with approval odds estimated between 50% and 80%.
The recent #Starknet ( $STRK ) airdrop, for example, led to a decline in enthusiasm for upcoming Ethereum token launches due to significant sell pressure and controversies surrounding eligibility and supply release.
Analyzing Ether futures contracts compared to spot markets indicates continued bullish sentiment, with the one-month futures premium remaining above 14% since February 17. Despite this optimism, it falls short of the 25% premium seen in early January, suggesting a cautious yet positive outlook for Ether's price surpassing $3,300.
$ETH
#Ethereum is facing resistance at the $3,000 mark, but indicators suggest a potential continuation of the bullish trend. The recent surge in Ether's price, climbing 29.7% from February 6 to February 20, is attributed to decreasing supply fueled by rising demand for staking, decentralized finance (DeFi) applications, and the network's proof-of-stake burn mechanism.
Despite Ether's impressive rally to $3,000, the focus shifts to whether it can reclaim the coveted $3,300 level last observed in March 2022. Crypto investor Ryan Sean Adams speculates on X social network that Ethereum's demand season is yet to come, suggesting that the introduction of a spot Ether exchange-traded fund (ETF) could further boost its price amid declining supply.
Analyzing supply data, there's been a decrease of 18,960 ETH in total coins circulating over the past 30 days, indicating a potential scarcity in available ETH for sale. However, net withdrawals on exchanges have been preferred over deposits since February 15, potentially influencing price dynamics. Despite these trends, Ether's price remained relatively stable leading up to January 5, suggesting that factors such as staking and DeFi demand may not directly impact available supply.
The potential approval of an ETF could drive a rally in Ether's price, with approval odds estimated between 50% and 80%.
The recent #Starknet ( $STRK ) airdrop, for example, led to a decline in enthusiasm for upcoming Ethereum token launches due to significant sell pressure and controversies surrounding eligibility and supply release.
Analyzing Ether futures contracts compared to spot markets indicates continued bullish sentiment, with the one-month futures premium remaining above 14% since February 17. Despite this optimism, it falls short of the 25% premium seen in early January, suggesting a cautious yet positive outlook for Ether's price surpassing $3,300.
#Write2Earn
Stay updated on the latest in the cryptocurrency market as #Bitcoin sees a significant surge, reaching a four-week high, while #ETHER leads the altcoin rally by surpassing $2,400. Discover the factors driving these price movements and the broader market trends shaping the crypto landscape.
U.S. stock market strength likely lifted cryptocurrencies, with Bitcoin hitting a four-week peak above $44,000 to reach a fresh four-week peak, driven by increased accumulation by large holders and record highs in U.S. equity indices.
The leading cryptocurrency rose from $42,700 earlier in the day to as high as $44,300, marking its highest level since January 12, the day following the launch of spot bitcoin exchange-traded funds (ETFs) in the U.S.
Ethereum $ETH led altcoins, while analysts noted increased accumulation by large holders.
The S&P 500, Dow Jones, and Nasdaq reached record highs, easing concerns about New York Community Bancorp's financial health.
Ethereum surpassed $2,400 for the first time in TWO weeks Asset managers Ark Invest and 21Shares made amendments to their joint application earlier in the day, aligning it more closely with approved spot bitcoin ETFs to potentially address regulatory concerns.
Other Ethereum-related tokens, including #Polygon's $MATIC and #Arbitrum's $ARB , also saw gains.
Stay updated on the latest in the cryptocurrency market as #Bitcoin sees a significant surge, reaching a four-week high, while #ETHER leads the altcoin rally by surpassing $2,400. Discover the factors driving these price movements and the broader market trends shaping the crypto landscape.
U.S. stock market strength likely lifted cryptocurrencies, with Bitcoin hitting a four-week peak above $44,000 to reach a fresh four-week peak, driven by increased accumulation by large holders and record highs in U.S. equity indices.
The leading cryptocurrency rose from $42,700 earlier in the day to as high as $44,300, marking its highest level since January 12, the day following the launch of spot bitcoin exchange-traded funds (ETFs) in the U.S.
Ethereum $ETH led altcoins, while analysts noted increased accumulation by large holders.
The S&P 500, Dow Jones, and Nasdaq reached record highs, easing concerns about New York Community Bancorp's financial health.
Ethereum surpassed $2,400 for the first time in TWO weeks Asset managers Ark Invest and 21Shares made amendments to their joint application earlier in the day, aligning it more closely with approved spot bitcoin ETFs to potentially address regulatory concerns.
Other Ethereum-related tokens, including #Polygon's $MATIC and #Arbitrum's $ARB , also saw gains.
ETHEREUM getting ready for a +20% jump
Ethereum (ETHUSD) continues to trade within the Channel Up that started on the November 2022 market bottom and is currently supported by the 1D MA50 (blue trend-line). This draws comparisons with the final consolidation after the March 10 Higher Low at the bottom of the Channel Up. Both in price and 1D RSI terms the two fractals form an Inverse Head and Shoulders which is a bullish reversal pattern found on market bottoms.
The previous fractal topped on the 2.0 Fibonacci extension level, completing a +56% rise. The 2.0 Fib on the current formation is at 2250, while a +56% rise potentially peaks 2550. We will pursue initially the $2250 target (will be a +20% increase from the current level) as it is near the 1W MA100 (red trend-line), which is a critical long-term Resistance as it has been unbroken since May 15 2022.
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#ETH #ETHUSDT #ETHERUM #ETHER #crypto2023
The previous fractal topped on the 2.0 Fibonacci extension level, completing a +56% rise. The 2.0 Fib on the current formation is at 2250, while a +56% rise potentially peaks 2550. We will pursue initially the $2250 target (will be a +20% increase from the current level) as it is near the 1W MA100 (red trend-line), which is a critical long-term Resistance as it has been unbroken since May 15 2022.
Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this analysis!
#ETH #ETHUSDT #ETHERUM #ETHER #crypto2023
