Ethereum traders aim for $3,500 amid expectations for ETF | CoinDesk JAPAN

• On February 15th, the price of Ethereum reached $2,800 for the first time since April 2022.
• “A 15% rally in less than nine days suggests significant buying interest after bulls repositioned in January,” said one analyst.

On February 15th, the price of Ethereum (ETH) exceeded the $2,800 mark. Traders are betting on the possibility of a spot Ethereum exchange-traded fund (ETF) being approved in the U.S., potentially increasing its appeal to institutional investors.

As of the 15th, Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco & Galaxy and Galaxy), Hashdex has submitted an application for an Ethereum ETF. They have already been offering a Bitcoin (BTC) spot ETF since mid-January. Since then, these funds have amassed $11 billion worth of BTC (approximately 1.65 trillion yen, at an exchange rate of 150 yen) and helped push its price to $52,000.

Observers say a similar move could increase demand for ETH. Another bullish factor is that regulated Ethereum products could offer up to 5% annual rewards. Such products, which Bitcoin does not have, are already scheduled to be offered in parts of Europe.

Open interest (the number of outstanding futures contracts linked to the ETH price) was over $9 billion (approximately 1.35 trillion yen) as of the 15th, an increase of nearly 30% since the beginning of February. According to Coinalyze data, 57% of futures positions in the past 24 hours are bullish.

Traders believe that Ethereum could recover to 2022 highs in the coming months. The token’s all-time high was around $5,000 in November 2021.

“ETH could soon approach $3,500 as part of a new wave of growth,” Alex Kuptsikevich, market analyst at FxPro, said in an email to CoinDesk. Ta. “A 15% rally in less than nine days suggests significant buying interest after bulls repositioned in January.”

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Ether Traders Target $3.5K as ETH Jumps on ETF Expectations