The recent approval of spot Ethereum ETFs in the United States and Hong Kong has significantly increased overall crypto bullish sentiment amid heightened development activities.
In their research note, VanEck analysts noted that ETH can be thought of as ‘Digital Oil’ because it is consumed by engaging in activity on Ethereum.
The increased leverage is only available for isolated margin positions, meaning potential losses are capped at the initial margin used for the trade.
Several market analysts believe that the Ethereum price could skyrocket once the Ether ETFs go live for trading amid strong institutional demand.
Both Bitcoin and Ethereum are trading above their respective maximum pain points. However, as the assets approach these critical price levels, traders may witness increased buying or selling pressures, influencing market sentiment.
The crypto industry is patiently waiting for the debut of spot Ethereum ETFs trading in the United States, which will ultimately trigger a macro bull run.
Ethereum price has outshined Bitcoin in the past few weeks after the approval of spot Ether ETFs in Hong Kong and the United States.
QCP noted that ETH rallied from $3,810 to $3,940 as investors in Asia woke up to bullish comments from the former US president and 2024 presidential candidate Donald Trump.
The price of Ethereum has continued its bullish momentum. It has increased by 3% in the last 24 hours, and 7% in the last three days.
The surge in Layer 2 adoption can be traced back to the recent green light given to spot Ethereum ETFs by the US SEC.
The approval of spot Bitcoin ETFs in the US led to a 70% surge in Bitcoin prices in two months. If history repeats, Ether could reach its all-time high near $6,000 by July’s end.
The recent Ethereum price dip appears to be a classic case of “buy the rumor, sell the fact” behavior. Experts forecasts that Ether price could jump by more than 60% soon, driven by growing interest from institutional investors in futures.
The decrease in the burn rate has pushed the number of circulating coins to its highest level since early March, currently averaging 120,000 ETH.
While the expiration of the 375,000 BTC and ETH options, with a combined valuation of close to $3 million, may influence market dynamics, the overall impact is uncertain.
USDe aims to rival the likes of Tether’s USDT and Circle’s USDC, the top two stablecoins by market capitalization.