Ethereum Regains $2,500 Mark; Traders Eye Ethereum ETF Approval

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Ethereum (ETH) Attracts Traders as Bitcoin (BTC) Falters

Ethereum (ETH) recently reclaimed the $2,500 mark and posted impressive weekly returns of 14.5%. Nearly 66% of all whale positions on ETH were long positions. While Bitcoin (BTC) has disappointed since the official release of its spot ETFs, the focus has shifted to Ethereum (ETH), which recorded double-digit gains last week.

Ethereum Comes to the Market’s Rescue

The second-largest cryptocurrency has reclaimed the $2,500 mark and posted impressive weekly returns of 14.5%. Renowned technical analyst Ali Martinez analyzed the weekly performance of ETH in an X-Post (formerly Twitter) and its optimistic chances of even reaching $3,400.

Demand for ETH also rose in the derivatives market. According to an analysis by AMBCrypto of Coinglass data, open interest (OI) exceeded $8 billion for the first time since April 2022 on January 12. When new money is invested in a coin’s derivatives, this indicates strong bullish sentiment.

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Whales Bet on ETH

In addition, the number of traders holding long positions exceeded those holding short positions in the last 24 hours. AMBCrypto investigated further and turned to Hyblock Capital to gauge whale investors’ sentiment towards ETH. It turned out that nearly 66% of all whale positions on Binance at the time of writing were long positions. Notably, the whales have increased their long exposure over the last three months. As whales are considered an experienced user group, their bullish bets on ETH are significant.

Traders Get Greedy

The best part is that the party is just getting started. There was obvious FOMO (Fear of Missing Out) in the market, with many traders wanting to get their hands on ETH. The market sentiment was greedy, with one day in the last week experiencing “extreme greed”. Typically, greed is believed to drive the price of an asset upward through increased buying pressure.

With Bitcoin’s spot ETFs now operational, market participants are also hopeful about a spot Ethereum ETF. About seven companies have applied for the investment vehicle, which would track the spot prices of the world’s second-largest cryptocurrency. The final deadline for VanEck’s Ethereum ETF falls on May 23.

Sources: AMBCrypto, Coinglass, Hyblock Capital

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