© Reuters
Investing.com – While it has been consolidating in recent days, this is not the case for Ethereum, which yesterday marked a new high at $2,943, close to the major psychological threshold of $3,000, and the highest since May 2022.
At the current price of $2927, ETH is up 1% over 24 hours and over 10% over a week. Since the beginning of February, ETH has also posted a gain of more than 28%.
For comparison, Bitcoin has lost 0.7% since yesterday, gained 3.7% over a week, and 21.6% since the start of the month.
However, the outperformance of Ethereum compared to Bitcoin seems due to speculation on the fact that ETH could also soon benefit from spot ETH, like those on Bitcoin which were launched last month.
Several proposals for such products have indeed been submitted in recent months, including from Franklin Templeton, Blackrock and Fidelity, and the success of Bitcoin ETFs bodes well.
On this note, we note that a Bernstein report published Monday estimated that ETH is “likely the only other digital asset likely to obtain one-time approval of an ETF from the SEC”, valuing at around 50%. the chances of such a product being approved by May and an almost certain probability of approval within the next 12 months.
“Ethereum, with its yield dynamics, environmentally friendly design and institutional utility for building new financial markets, is well positioned for mainstream institutional adoption,” the analysts further clarified.
They further estimated that institutions not only want to launch spot ETFs on ETH, but also want to “build more transparent and open tokenized financial markets on the Ethereum network”.
Technical thresholds to watch on Ethereum
From a graphical point of view, the trend remains bullish, but the threshold of $3,000 approached yesterday has a good chance of triggering a short-term correction.
In this context, the first supports to watch will be around $2865 and $2720, a threshold below which the immediate uptrend will begin to be called into question.
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