🚀 ETHER LEADING CRYPTO MARKET REASONS
Ethereum has crossed $2,320.33 in the last 24 hours and leads AltCoins. Its Price surge and positive momentum had been caused by a stronger institutional support and buying.
🎯 MAJOR REASONS
1. BLACKROCK'S STAKED ETHEREUM ETF (ETH) launched on March 16, provides Staking yield Generation for Institutions and investors. Locking Ethereum creates reducing supply at the exchanges, resulting in Price surge. This confirms high-conviction demand and utility of the token.
2. ALTCOIN ROTATION. The CMC Altcoin Season Index has recorded a massive surge of 37% in the week, indicating capital rotation to the AltCoins.
3. BITMINE BUYING AND STAKING. BITMINE Immersion Technologies bought a massive largest weekly buying of the year with 60,999 ETH. The firm is now holding around 3.8% of Total ETH Supply valuing around $10 Billion. This confirms high-conviction and utility potential of the token.
4. CORRELATION WITH BTC RALLY. ETH has shown strong correlation with BTC. Bitcoin touched $76 K and acted as a hedge in the current Geo-political tensions in the Persian Gulf.
5. SHORT LIQUIDATIONS. Investors in Shorts bets were forced to close their positions resulting in sharp spikes in the price of ETH.
🔷 WATCH OUTS
✅ Fed Reserve tone and commentary on
18 March.
✅ Bitcoin performance and ETF inflows.
✅ Resistance of $24 K.
✅ Geo-political Developments.
