Last week, driven by Nvidia’s financial report, US, Taiwanese, Japanese, and European stocks all reached new highs. However, Bitcoin seems to have not kept up with the trend and is still consolidating in the range of 50K to 53K. On the other hand, Ether surpassed $3,100 this morning, which is the first time since April 2022.
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ETH Surpasses $3,100
Ether’s Year-to-Date Gain Exceeds Bitcoin
Ether surpassed $3,100 this morning, reaching its highest level since April 2022. The short-term moving averages are all in a bullish alignment. The next challenge is to test the right shoulder of the previous large head and shoulders pattern, which is around $3,500. This level is also the first resistance area near the Fibonacci Retracement level of $3,427.
ETH has become a follower of BTC and has outperformed Bitcoin with a year-to-date gain of 36% compared to 22%. The rebound of Ether is attributed to the upgrade of Dencun in March, and people also expect the approval of a physical Ethereum ETF by the SEC in May.
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Currently, there are eight ETF issuers applying for a physical Ethereum ETF, and most of the review deadlines fall in late May.
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