Ethereum

Bitcoin

Impact

<p style="text-align: justify">The leading smart contract platform, Ethereum (ETH), has recorded a notable rise, reaching its highest level of the year and causing <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a> and analysts to speculate whether a $3,000 price tag is within reach.</p>
<h2 id="expert-commentary-on-ethereum">Expert Commentary on Ethereum</h2>
<p style="text-align: justify">The recent surge in Ethereum’s price above $2,000, including intensified deflationary phenomena and a narrowing premium gap in the Grayscale Ethereum Trust, are among many factors that have contributed to this price increase. According to the Head of Research at CryptoQuant, the average unit price of staked ETH on the Ethereum network recently surpassed $2,000. The expert stated:</p>
<blockquote>
 <p style="text-align: justify">For investors who want to hold ETH in the long term, the average unit price exceeded $2,000 a few days ago, and most long-term investors are now in the black, which will likely serve as an important support level.</p>
</blockquote>
<p style="text-align: justify">This breakout could indicate that the majority of long-term investors are now profiting, potentially providing a solid foundation for further growth. The price increase of Ethereum could be gaining momentum due to the intensifying deflationary trend.</p>
<p style="text-align: justify">Following BlackRock’s submission of an ETF spot application to the SEC on November 10, the total number of ETH transactions began to rise, leading to a sharp drop in the total ETH supply. Since the announcement, the total supply has decreased by -82,861 ETH. Moreover, the premium gap in the Grayscale Ethereum Trust, which dropped to -59.49% in December 2022, is narrowing due to institutional purchases.</p>
<p><img decoding="async" class="size-full wp-image-284481 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/eth.webp" alt="" width="850" height="535"></p>
<h2 id="the-impact-of-institutional-interest-on-eth-price">The Impact of Institutional Interest on ETH Price</h2>
<p style="text-align: justify">This situation is seen as a sign of institutional investors purchasing large amounts of trust products and further driving up the price of ETH. With the launch of cryptocurrency trading services by Brazil’s largest bank, Itau Unibanco, an increase in institutional participation in Ethereum is expected.</p>
<p style="text-align: justify">Initially offering <a href="https://en.coin-turk.com/ted-cruz-bitcoins-rising-role-in-the-texas-economy/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum, the bank aims to expand to other cryptocurrencies in the future, depending on how the country’s crypto regulation evolves. This move positions Itau in direct competition with other local players, such as the cryptocurrency exchange MB and investment bank BTG Pactual’s digital assets division Mynt, as well as global giants like <a href="https://en.coin-turk.com/binance-labs-invests-in-project-fylde-pendle-coin-soars/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/ethereums-surge-is-a-3000-price-tag-attainable/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/ethereums-surge-is-a-3000-price-tag-attainable/</a>

Ethereum’s Surge: Is a $3,000 Price Tag Attainable?

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