Spot ETF expectations, Dencun upgrade, Ethereum price approaching US$3,000

On February 19, the worth of Ethereum (ETH) was approaching $3,000 in anticipation of potential developments within the coming months.

As of 8:35 PM UTC, the ETH value is US$2,937, market worth US$352.96 billion. The change represents a 4.12% achieve in 24 hours, considerably increased than Bitcoin’s 0.4% achieve over the identical interval and better than the general cryptocurrency market’s 1.2% achieve.

Lido Staked Ether (STETH) is up 3.88% in 24 hours. In accordance with knowledge from CoinGecko, the Ethereum 2.0 staked token class is up 5.4%.

Ethereum accounts for a comparatively small proportion of 24-hour liquidations. The asset accounted for $35.48 million in liquidations, together with $8.43 million in lengthy liquidations and $27.05 in brief liquidations.

Progress could also be because of ETF expectations, Decun improve

Ethereum’s newest positive factors could also be associated to the potential for the U.S. Securities and Trade Fee (SEC) approving an Ethereum spot exchange-traded fund (ETF).

Though there have been no main regulatory developments surrounding spot Ethereum ETFs in the present day, a report by brokerage agency Bernstein was extensively reported. Analysts on the agency predict a 50% likelihood of approval for a spot Ethereum ETF in Might, and an nearly sure likelihood of such a fund being permitted inside a yr. Mixed with different related predictions over the previous few months, this report might have impacted investor sentiment and market exercise.

There has additionally been some backlash surrounding the prospect of an Ethereum ETF.Apollo co-founder Thomas Farrar suggestion Coinbase’s dominant position as ETF custodian might hurt Ethereum’s proof-of-stake mannequin by permitting the corporate to “management the complete community.”

Knowledge from Dune Analytics reveals that Coinbase at present accounts for about 15% of all ETH staking, whereas one other staking platform Lido accounts for greater than 31%. Because it’s unclear how a lot of the cryptocurrency could also be held in spot ETH ETFs, it is unclear whether or not Coinbase can achieve a dominant place by holding funds on behalf of those ETFs. Moreover, it’s unclear whether or not the SEC will permit ETH to be staked in spot Ethereum ETFs, though some candidates intend to take action.

Along with these ETF prospects, there’s additionally nice anticipation for Ethereum’s Dencun improve, which is scheduled to happen on March 13. The improve will particularly embrace unique danks sharding, a function anticipated to enhance ETH transaction prices and scalability.