Ether Surpasses $2,700 Amid ETF Anticipation and Rising Futures Interest

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Expectations for Ether-ETFs Drive ETH Price

Ether (ETH) has surpassed the $2,700 mark for the first time since May 2022. This 15% increase in less than nine days suggests impressive buying interest after the bulls recharged their positions in January.

Traditional Financial Firms Compete for Ether-ETFs

Several traditional financial firms, including Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy and Hashdex, have filed applications for an Ether-ETF. They already offer Spot-Bitcoin (BTC) ETFs that were introduced in mid-January. Since then, these funds have accumulated $11 billion worth of BTC, driving the price of the largest cryptocurrency to over $52,000. A similar dynamic could boost demand for ETH.

Regulated Ether Products Could Offer Annual Rewards

Another bullish driver is that regulated Ether products could offer annual rewards of up to 5% if tokens are staked. Bitcoin does not offer this. Such products are already planned for sale in parts of Europe.

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ETH Price Rises, as Does Open Interest

ETH rose by up to 7% in 24 hours before it retreated. Open interest, or the number of open futures contracts tracking the Ether price, has risen to over $9 billion – an increase of nearly 30% since the beginning of February. Bullish bets make up 57% of futures positions in the last 24 hours, according to data from Coinalyze.

ETH Could Reach New Highs in the Coming Months

Traders say that Ether could potentially reach its 2022 highs again in the coming months. The token’s previous high was nearly $5,000 in November 2021. “Possibly as part of a new growth wave, ETH could quickly approach $3500 – back to the high of April 2022,” said Alex Kuptsikevich, a Senior Market Analyst at FxPro, in an email to CoinDesk.

Source: CoinDesk

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Casinos: 45
Profile Ethereum
Symbol ETH
Coin type Alt Coin
Pros
  • Second largest cryptocurrency
  • Accepted in many casinos
  • High transaction speed
Cons
  • Partial bugs in smart contracts
Price 3.003,52 €
Percent Change 24h -0,99 %
Percent Change 7d 6,13 %
Percent Change 30d -7,94 %
Percent Change 60d 8,29 %
Percent Change 1y 72,10 %
Market Cap 366.570.478.815,00 €
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