TL;DR
- Ethereum (ETH) leads in a particular ranking following the approval of Ethereum ETFs in Hong Kong.
Despite this success, the asset’s price has recently declined by 5% in 24 hours and 15% weekly, with analysts indicating critical levels for potential recovery in its value.
ETH Ranks First
The market intelligence platform Santiment revealed that Ethereum (ETH) has garnered much attention lately, experiencing the fastest rise in discussion rate in the crypto community. Beam (BEAM) was placed second, while the biggest stablecoin by market capitalization, Tether (USDT), rounded up the top three.
Among the other well-known cryptocurrencies mentioned are MEW‘s “Cat in a Dog’s World,” Avalanche with the ticker symbol AVAX, Toncoin represented by TON, and Ondo using the ONDO label.
Based on Santiment’s report, the primary cause of the surge in ETH‘s popularity is recent approvals of spot Bitcoin and Ethereum ETFs in Hong Kong.
According to an earlier report by CryptoPotato, regulatory approval was granted in Hong Kong for several cryptocurrency products. This decision signals Hong Kong’s ambition to become a leading player in the global cryptocurrency market.
ETH Price Outlook
While Ethereum remains quite popular among industry participants, the native token of the blockchain platform—ETH—has suffered a severe setback lately. Its price is down 5% in the last 24 hours and 15% on a weekly scale. Its downtrend comes at the time of a broader market decline, with Bitcoin (BTC) witnessing similar losses.
According to well-known crypto expert Rekt Capital, the price trend of Ethereum seems to be mirroring the declining spike from mid-2021. He thinks that a fresh surge in bullish energy hinges on Ethereum ending its week above $2,800 as indicated by his analysis.
$ETH dropped into the orange circle (~$2800), repeating the downside wick of mid-2021
For #ETH regain bullish momentum, it would need to Weekly Close inside the orange boxed area and retest is as new support#Crypto #Ethereum
— Rekt Capital (@rektcapital) April 15, 2024
Crypto Tony, a user on the X platform, also joined the conversation, emphasizing the significance of keeping $3,040 for the bullish trend to prevail.
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2024-04-16 16:18