Ethereum (ETH) is striving to reach a new all-time high, a move investors have anticipated following the launch of the cryptocurrency’s spot exchange-traded fund (ETF).
Currently, the second-largest cryptocurrency by market capitalization has shown short-term volatility as it attempts to break through the crucial $3,000 resistance zone. Despite bullish developments like the rollout of the ETF, Ethereum’s market dominance has declined in recent months compared to competitors such as Bitcoin (BTC).
Over the past 30 days, Ethereum has plunged by over 23% as it struggles to recover from a monthly low of around $2,100. ETH was trading at $2,631 at press time, gaining almost 1% in the past 24 hours.
Ethereum 30-day price chart. Source: Finbold
Notably, investors are closely watching the ETF as a potential catalyst for new highs. This comes as BlackRock’s (NYSE: BLK) iShares Ethereum Trust (ETHA) surpassed $1 billion in cumulative net inflows, making it the first among 11 i
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