ETH Surges Past $2,600 Resistance, Boosted by Ethereum ETF Hopes After Bitcoin ETF Launch
Ethereum has surprised the market with a strong surge, breaking through the $2,600 level for the first time since May 2022. This rise, occurring amidst speculation about the approval of an Ethereum ETF following the launch of the Bitcoin Spot ETF by the SEC, has pushed the Ether price to a yearly high of $2,650.
Market Reaction to Bitcoin Spot ETF and Liquidations
The last time Ethereum traded above $2,600 was in May 2022. This recent surge sharply contrasts with the previous weeks when Ethereum was overshadowed by Bitcoin, Solana, and other major altcoins. Coinglass data shows nearly $50 million worth of short positions liquidated for Ethereum in the past 24 hours.
Layer 2 tokens like Mantle (MNT) and Optimism (OP), built on the Ethereum network but operating as independent blockchains, also experienced substantial gains following the ETH rally.
Towards the Approval of an Ethereum Spot ETF?
Crypto analysts and market leaders, such as Michaël van de Poppe, CEO and founder of MN Trading, anticipate a potential Ethereum Spot ETF, indicating growing interest in Ethereum alongside Bitcoin. The SEC’s decision on the applications for Bitcoin spot ETFs, which marked the introduction of these products in the United States, has also contributed to this momentum.
