As of Thursday, open interest in ETH exceeded $9 billion, an increase of nearly 30% from early February. Data from Coinalyze shows that bullish positions accounted for 57% in the past 24 hours. Traders say ETH may return to the 2022 highs in the coming months, which saw it near $5,000 in November 2021.
“As part of a new wave of growth, ETH may be on the verge of approaching $3,500 — a return to its April 2022 peak,” Alex Kuptsikevich, senior market analyst at FxPro, said in an email.
As of Thursday, Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex have all filed for Ethereum ETFs. Market observers say a similar dynamic could drive demand for ETH. Another bullish factor is that regulated ETH products can also offer annual rewards of up to 5% since the token is staked, which is not the case with Bitcoin. Such products are already planned for launch in parts of Europe. (CoinDesk)