The community is shocked because Altcoin suddenly increased in price! What is the truth behind?
In the past 24 hours, ETH price has increased sharply by nearly 7%, currently trading around 3,314 USD. Many Altcoins in the Ethereum ecosystem also recorded increases of 10% - 20%, outperforming the general market. After research, here are 2 main reasons:
1. Whales continuously accumulate ETH. ETH price hit the important support level of 3,000 USD, a quite thick Limit buy wall appeared, showing the attention from whales when ETH had a quite attractive valuation. The sharp increase in ETH also leads to the growth of Altcoins in the ecosystem.
2. Expectation of Spot ETH ETF approval in 2024. Franklin Templeton Fund has listed its ETF on DTCC with the name "FRANKLIN ETHEREUM TR ETHEREUM ETF". This is a normal procedure in preparation for bringing new ETFs to market.
However, listing on DTCC does not guarantee that Spot Ethereum ETF will be approved by the SEC, so the community needs to continue to monitor for more information in the near future. The content is for informational purposes only and does not constitute investment advice.
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