A Big Move from Ethereum: It Left Bitcoin Behind! - Analyst Gave a Date for New ATH!

The largest altcoin Ethereum (ETH) has disappointed its investors with weak performance in recent years but made a big move in the last few weeks. In the last 24 hours, ETH has seen an approximately 5% rise, approaching $2,800.

While the rise of Ethereum has somewhat relieved its investors, it has also left Bitcoin behind.

According to Coinglass data, the trading volume of Ethereum derivatives increased by 38% in 24 hours and surpassed 110 billion dollars.

Analysts said that this rise is driven by the continued strong inflows into spot Ethereum ETFs, the renewed interest in DeFi, and positive news from the SEC.

These data signals an increasing institutional participation for Ethereum, while the $110 billion trading volume has surpassed Bitcoin derivatives, which have a volume of $84.72 billion.

This increase in Ethereum derivative trading volume comes alongside the rise in ETH prices, while BTC Markets analyst Rachael Lucas stated that the increase in ETH trading reflects structural growth and rising institutional interest.

"The increase in Ethereum's transaction volume is not momentary; it reflects structural growth, institutional validation, and real utility."

ETH is no longer just the second largest cryptocurrency by market capitalization; it is becoming a cornerstone of the digital asset economy.

Lucas, who also explained the forecast regarding the price of Ethereum, stated that there is a rise on the horizon, but for now, the support at $2,800 and the resistance at $3,600 are critical for the new ATH process.

"In the short term, ETH is riding a wave of rise. The price action is on the rise, but we are also monitoring key levels - the resistance at $3,600 and the support around $2,800."

If staking-supported ETFs are approved later this year, this could push ETH into the range of 5,500-6,700 dollars by December.

*It is not investment advice.

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