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Investing.com – As some analysts predicted, there was little reaction to the SEC’s official approval of spot Bitcoin ETFs in the United States, failing to mark new highs, but not committing to the correction that some feared.
It is in fact the, the second most important cryptocurrency on the market, which displays the best performance in the top 5 crypto this Thursday morning, with a gain of almost 10% since yesterday to more than $2,600.
Remember that ETH peaked at $2,630 on Wednesday, the highest since May 2022, and remains close to this peak this Thursday morning. Furthermore, at this stage, the crypto shows a gain of 20.5% compared to the start of the week.
Regarding the reasons which could explain this outperformance of ETH compared to BTC, we will first recall that Bitcoin had progressed more than Ethereum in recent weeks, exhausting its upward potential.
In addition, some observers have pointed out that in the eyes of the market, the validation of spot Bitcoin ETFs starts the countdown before ETH also has its spot ETF. Moreover, we must not forget that BlackRock (NYSE:) has already filed a proposal for such a product with the SEC a few weeks ago.
As for today, investors are awaiting details on ETFs, in particular on the planned date for the first exchanges, but it is above all macroeconomic data which will be likely to influence Bitcoin, Ethereum and markets in general.
Indeed, today’s economic calendar will be the occasion for the publication of December data for American inflation, figures likely to decisively impact expectations for the next Fed meetings, and therefore the crypto market, including Ethereum.
Technical thresholds to watch on Ethereum
From a graphical point of view, we note that the rise in Ethereum since yesterday has allowed the cryptocurrency to escape from the top of a horizontal channel which has been stretching since December 2023.
Now, the $2500 and $2400 thresholds are the first supports to consider, while on the upside, yesterday’s high around $2630 will be the first potential obstacle, although it should be noted that the charts of Long term shows that few barriers lie in ETH’s path before the major threshold of $3000.