US investors drive 11% rally in ether prices, fueled by anticipation of possible ETF approval
The recent 11% increase in ether (ETH) prices is largely driven by U.S. investors, according to the "Coinbase premium" metric, which shows a surge in demand from the Coinbase exchange preceding the price jump. The anticipation of a possible spot ether exchange-traded fund (ETF) in the U.S. has further fueled buying demand for the asset in the region, with experienced traders increasing their exposure to ETH since January. Data from CryptoQuant reveals that the buying pressure in the U.S. has spurred ether's 11% rally in the past week, with the Coinbase premium indicator showing the gap between Coinbase's ETH/U.S. dollar pair and Binance's ETH/USDT pair. The growing Coinbase premium suggests a sign of more price gains in the coming weeks, but some traders believe that an ETF could create sustained rather than explosive growth for the second-largest cryptocurrency by market value.
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.
You may also like
Chinese Analyst Assesses Ethereum’s Status, Says “Whales Have Run Out of Purchasing Power” – Here’s What He Expects
Chinese cryptocurrency analyst phenomenon Murphy evaluated the latest status of Ethereum in his statement. Here are the details.
Skipped Bitcoin Cash? Qubetics ($TICS) Could Be Your Redemption Ticket – Top Cryptos for Significant Returns
The crypto market has been on fire lately. With the spotlight shifting to new and innovative blockchain projects, everyone’s eyes are on which cryptos will make waves this year.Bitcoin Cash: A Missed Opportunity for Significant ReturnsQubetics: Revolutionizing Digital Finance with Real-World Asset TokenizationConclusion: Time to Act on Qubetics
BTC Short Position by ETH Whale Nears $332M
A crypto whale boosts their BTC short position to $332M, facing losses and potential short squeeze risk.Whale Boosts BTC Short Position Amid Market VolatilityRisk of Liquidation LoomsStrategic Buy Orders Placed
Pakistan Launches Crypto Council Led by Finance Minister
Pakistan forms Crypto Council to boost blockchain and crypto adoption, chaired by Finance Minister Muhammad Aurangzeb.Pakistan Takes a Bold Step Toward Crypto AdoptionFinance Minister to Lead the InitiativeFocus on Innovation and Financial Inclusion
Trending news
MoreCrypto prices
More
