Ethereum

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereums-price-surge-whats-driving-it/" data-wpel-link="internal">Ethereum’s Price Surge: What’s Driving It?</a> 
Ethereum, after a notable 29.7% increase from February 6 to February 20, is currently struggling with the $3,000 resistance level. Analysts attribute Ethereum’s recent gains to increased demand for staking, decentralized <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">finance</a> (<a href="https://coin-turk.com/2022-ilk-ceyrek-defi-raporu-ikinci-ceyrek-beklentileri-neler" data-wpel-link="internal">DeFi</a>) applications, and the supply contraction caused by the network’s proof-of-stake burn mechanism. 
<h2 class="p1" style="text-align: justify" id="why-is-ethereum-s-price-rising">Why Is Ethereum’s Price Rising?</h2> 
Crypto investor Ryan Sean Adams, sharing his views on the X social network, argues that Ethereum has not even entered the demand season yet. Adams believes that the potential introduction of a spot Ethereum exchange-traded fund could particularly increase its price in the absence of new supply. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-318554 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/ryan-tweet.png" alt="" width="1097" height="873"> 
According to Ultrasound money, supply data clearly shows a decrease of 18,960 Ethereum in the total circulating crypto assets in the last 30 days. It is important to note that this metric does not necessarily reflect the Ethereum ready for sale that can be measured using net deposits on exchanges. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-318552 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/eth-hacim.webp" alt="" width="1714" height="787"> 
Looking at the 7-day trend, the preference for net withdrawals continues since February 15, but as seen at the beginning of January, this situation can easily change. Contrary to expectations, Ethereum’s price remained relatively stable at $2,300 over the past 30 days until January 5, indicating that the trigger for the sell-off is not directly linked to a price increase. Fundamentally, the dynamics of staking and demand for decentralized applications in Ethereum do not seem to directly affect the supply offered for sale. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-318551 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/eth-vs-btc.webp" alt="" width="1100" height="576"> 
<h2 class="p1" style="text-align: justify" id="what-to-expect-on-the-ethereum-front">What to Expect on the Ethereum Front?</h2> 
Technically, the potential approval of ETF applications could trigger a rally in the Ethereum price, with analysts leaving room for a positive surprise by estimating approval rates between 50% and 80%. However, if <a href="https://en.coin-turk.com/peter-schiff-makes-bold-price-prediction-for-bitcoins-future/" data-wpel-link="internal">Bitcoin</a>‘s upward momentum stalls, the likelihood of Ethereum consolidating above $3,300 decreases, and it may indicate that institutional investor entry may not be sufficient to raise its price. Analysts also continue to highlight the historical correlation between Bitcoin and Ethereum prices. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-318549 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/eth-vadeli-veri.webp" alt="" width="1176" height="581"> 
There is no certainty that the potential upward momentum of spot Ethereum ETF funds will continue the historical trend, but the continuous divergence between Bitcoin and Ethereum prices has been a rare occurrence in the last 9 months. Instead of focusing on the expected ETF decision in May, investors should examine other factors such as Ethereum demand stemming from airdrop snapshots and overall Ethereum network demand. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereums-price-surge-whats-driving-it/" data-wpel-link="internal">Ethereum’s Price Surge: What’s Driving It?</a></h5>

Ethereum’s Price Surge: What’s Driving It?

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