Ethereum Move from the Giant Investment Company: The Price Skyrocketed!

The cryptocurrency market has been shaken lately by the rise of Ethereum. ETH price increased by 6% in the last 24 hours and exceeded $2,600. Thus, he increased his weekly earnings to over 15%. This rise made analysts even more optimistic for 2024. Because they predict that ETH can rise to $ 3,500. Another development that contributed to this excitement was Franklin Templeton's spot Ethereum ETF application. This follows similar steps by other major financial institutions such as BlackRock and Ark Invest. It also shows that cryptocurrencies are increasingly accepted by traditional finance.

Ethereum move attracted attention

The cryptocurrency world is abuzz with Ethereum (ETH) news. The second-largest crypto not only increased its weekly gain by over 15%, rising 6% to surpass $2,600. At the same time, major players such as Franklin Templeton have also applied for a spot Ethereum ETF. So they get involved in the game. This combination of events paints a bullish picture for ETH. Therefore, analysts are predicting a possible rally to $3,500.

Waiting game until #Ethereum starts to pick up pace.

Flipped the $2,150 level for support, currently waiting for a breakout for continuation to $3,500. pic.twitter.com/NCHXnu5fP3

— Michaël van de Poppe (@CryptoMichNL) February 12, 2024

Marking a significant step in traditional finance's adoption of crypto, Franklin Templeton has filed for a spot Ethereum ETF. This follows similar moves by giants such as BlackRock and Ark Invest. It highlights the growing acceptance of cryptocurrencies within established financial institutions. Franklin Templeton's proposed ETF aims to offer investors a convenient and transparent way to gain exposure to Ethereum without the complexity of buying, holding and trading the crypto asset directly.

Staking is also included in the application

The inclusion of staking, a feature that allows the fund to earn rewards through participation in the network, adds another dimension to this innovative product. Analysts are optimistic about Ethereum's price trajectory in 2024. Because the last break fuels the predictions of a move towards $ 3,500. Technical indicators such as shifting support levels and rising lows paint a positive picture. Although the weekly RSI remains neutral, overall chart analysis suggests that the bear market consolidation may be over, paving the way for potential gains.

Further strengthening Ethereum's outlook is the healthy increase in staking participation, which currently exceeds 25%. This strengthens the security of the network while offering rewards to stakers. However, there are some concerns regarding relatively low staking returns compared to safer alternatives such as US Treasury bonds.

ETF approval remains uncertain

It is important to note that US SEC approval for the Spot Ethereum ETF remains uncertain. While the recent Bitcoin ETF approval offers a glimmer of hope, regulatory hurdles still exist. However, the growing interest from major players such as Franklin Templeton highlights the growing legitimacy and potential of cryptocurrencies within traditional finance.

If approved, Ethereum ETF will generate significant amount It attracts institutional investment and drives further price appreciation for ETH. Additionally, wider adoption of staking could increase the security and stability of the network, further strengthening its long-term outlook.

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