Bitget Futures Market Updates: Ether Hits $3K for First Time in Nearly 2 Years Amid Rising ETH ETF Excitement

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Bitget2024/02/21 05:38

By:Bitget

The price of Ether, the native token to the Ethereum network, rose past $3,000 for the first time since April 2022 on Tuesday, continuing a recent hot streak.

Ether's price rose about 1.6% over the past 24 hours and has risen over 12% in the past week, outpacing other cryptocurrencies, according to data from CoinGecko. Cryptocurrencies at large have had a green 2024 so far, with major tokens' prices well above where they were in 2023. ETH surged nearly 30% since the beginning of the year, outperforming BTC's 22% advance.

ETH's rally could continue, with traders targeting $3,500 as the next resistance level as market participants anticipate that spot-based ETH exchange-traded funds (ETF) could be next in line for U.S. regulatory approval. A potential approval would boost ETH's appeal among more conservative, institutional investors, just as the new bitcoin ETFs that debuted last month have attracted massive allocations.

Futures Market Updates

Bitcoin long positions got rekt harder than short, while it's the opposite in Ethereum futures markets. Starknet was the main focus in the altcoin category though, with its OI jumped to over $60M 24H after trading began.

Bitcoin Futures Updates

Total BTC Open Interest: $23.77B (-0.66%)

BTC Volume (24H): $63.51 (+65.58%)

BTC Liquidations (24H): $39.79M (Long)/$28.91M (Short)

Long/Short Ratio: 50.3%/49.7%

Funding Rate: 0.0137%

Ether Futures Updates

Total ETH Open Interest: $10.90 (+0.24%)

ETH Volume (24H): $39.87 (+43.75%)

ETH Liquidations (24H): $18.29M (Long)/$32.79M (Short)

Long/Short Ratio: 49.84%/50.16%

Funding Rate: 0.0187%

Top 3 OI Surges

STRK: $63.56M (+2,657,118.77%)

GLM: $12.66M (+163.90%)

JASMY: $52.90M (+119.38%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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