The recent 20 percent rise of Ethereum price against the United States dollar has rejuvenated calls for anticipated altseason.
WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW), will give investors access to Bitcoin and Ethereum while being fully backed by the actual assets.
Despite the competition, Ethereum’s ecosystem benefits from a rich developer community and a vast array of dApps that drive its value and utility.
The Ethereum network is staking a substantial portion of Ether’s supply, unlike Bitcoin. On-chain data indicates that staking contracts lock over 27% of the total Ether supply, generating yield for their owners.
Rumors surrounding the possible approval of ETH have been more intense lately.
Ethereum spearheaded the altcoin rally, driven by renewed optimism about the approval of spot ETH ETFs by the US SEC.
The open interest for the monthly expiry of Ethereum options has surged to $3.2 billion with the call-to-put ratio favouring the buy options.
An Ethereum whale deposited 15,000 ETH to crypto exchange Kraken sparking speculations of a major dump ahead of the spot Ethereum ETF decision ahead this week on May 23.
Most of the losses came from traders who had taken long positions, hoping for a rise in the value of BTC and Ether.
Coinbase said that the market is underestimating the odds and timings of a potential spot Ethereum ETF approval, thereby leaving sufficient space for upside surprises.
While Bitcoin appears relatively balanced between long and short positions, Ethereum price weakness has dampened market confidence.
The general interest in Bitcoin skyrocketed following the approval of eleven spot BTC ETFs in the United States in January this year. The lower chances of approval of a spot ETH ETF in the United States are not helping Ether’s case.
The upcoming final decision on the spot Ethereum ETF in the United States has further caused short-term fear in the altcoin industry.
Long-term holders seem reluctant to engage in mass selling at present ETH prices, even though many have already attained considerable profit margins.
Ethereum (ETH) price has established a solid support level around $2,972, which could yield a bullish rebound towards its all-time high soon.