According to CoinGecko data, the second largest cryptocurrency, Ethereum, has gained 59% year to date. Bitcoin, on the other hand, saw gains of 84% year-to-date.
Top 10 crypto performance, year-to-date
Where do you see the market heading next? pic.twitter.com/mYgdXyfZWt
— CoinGecko (@coingecko) June 26, 2023
The past week was quite significant for the crypto industry, as prices made a rebound following BlackRock’s Bitcoin spot ETF application.
Since June 15, ETH has been on a steady rise. The gains escalated after ETH resolved a bullish pennant that saw three consecutive days of gains, with highs of $1,901 attained on June 21 before the bulls took a pause. As it stands, the price of Ethereum is gradually building another pennant, which suggests ongoing consolidation. For the past five days, ETH’s price has fluctuated between $1,861 and $1,936. Like before, Ethereum may resolve this bullish pennant to the upside with a target above the $2,000 mark in mind. On the downside, Ethereum has immense support near the $1,855 range, where 3.36 million ETH were bought by 2.8 million addresses. At the time of writing, ETH was marginally down in the last 24 hours at $1,897.
According to CoinShares data, digital asset investment products saw the largest single weekly inflows since July 2022, totaling $199 million. This reversed almost half of the previous consecutive weeks of outflows. Ethereum saw inflows of $7.8 million, comparatively less than those of Bitcoin, which might suggest a lesser appetite for Ethereum than Bitcoin at present. That notwithstanding, Ethereum might receive catalysts for its price in the coming days. According to new reports, HSBC, the largest bank in Hong Kong, now allows its customers to buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong exchange, becoming the first bank to do so.
Ethereum’s EIP-4844, known as “proto-danksharding,” which would reduce costs for ETH Layer 2 solutions, is expected to be implemented during the Dencun upgrade, expected to take place in the latter part of Q3 or early Q4 of 2023. The implementation of proto-danksharding is anticipated to boost the ETH network’s economic activity, which is anticipated to result in greater value accumulation over the medium term.