The Ethereum (ETH) price strengthened in the ETH/BTC pair for three main reasons:
Spot Ethereum ETF Expectations: Since the Securities Exchange Commission approved the spot Ethereum ETF on May 23, ETH has risen by about 30% relative to BTC, while BTC has only risen by 9%.
The growth of network activity: In the past week, the transaction volume of Ethereum decentralized applications (DApps) has increased by 7.75%, and the number of smart contracts has also increased from 37,870 to 38,066.
Technical indicators are bullish: The ETH/BTC ratio has continued to rise since May 17, reaching a two-week high of 0.05854 on May 23. Analysts predict that the ETH/BTC ratio will reach 0.1 within a few months.
Experts believe that the launch of the spot Ethereum ETF is likely at the end of June, which will further drive up the price of ETH, which is expected to reach $10,000 in the current cycle.
Analysis: Ethereum price strongly surpasses Bitcoin, driven by three factors
2024-05-31 21:01:18
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