Ethereum whales are returning to accumulation again. The SEC started the comment process for Fidelity, Grayscale and Bitwise applications 5 days ago. In the continuation of the ETH rally, the $4,100 and $4,500 levels may be tested. Bitcoin climbed above the $ 71,700 resistance again and approached $ 72,800, and altcoins also took action. The good news is that sustained closes above $69,000 weaken the chances of a deeper correction. Moreover, Ethereum also climbed above the key zone. So, what are the current predictions?
Ethereum (ETH)
The correction in the ETHBTC parity, which continued up to the 0.048 level, has finally been reversed. This is an important bottom signal because these areas were last tested during the big January decline and in mid-2022. Now the parity is back to 0.05 support. Another reason for the increase in Ethereum (ETH) price was related to whale orientation. According to Glassnode data, ETH whales with assets between 1,000 and 10,000 ETH started to accumulate again. This whale group has been gradually increasing its reserves since March 17.
Ethereum ve Spot ETF
Investors' interest in Ethereum was triggered by the application made by Grayscale on November 5. As with GBTC, Grayscale has already filed to convert its existing Ethereum trust ETHE into a Spot Ethereum ETF, and evaluation is ongoing. BlackRock, the world's largest asset manager, also applied on November 9. BlackRock's involvement in the game was a turning point, and we experienced something similar for Bitcoin ETF in June 2023. As of April 8, a total of seven spot Ether ETFs are before the SEC and awaiting decision. 5 days ago, the SEC opened the comment period on Fidelity, Grayscale and Bitwise spot Ether ETFs.
According to CoinShares data, institutional investors poured a total of $13.8 billion into cryptocurrencies in 2024. Roughly $12 billion of this goes directly to Bitcoin ETFs, with Ethereum ranking second. If ETH price can sustain above $3,700, it could spark a fresh move towards $4,100 and $4,500. For now, the inflation data coming on Wednesday will be decisive. If inflation falls, this is positive as it will bring interest rate cuts to the agenda, but in the opposite scenario, the Fed may delay interest rate cuts this year or even bring up the possibility of making another increase.
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