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    Ethereum outperforms Bitcoin with double-digit weekly gains and spike in Open Interest

    Source Fxstreet
    Feb 19, 2024 12:56
    • Ethereum left Bitcoin to bite the dust, yielding 16% weekly gains while BTC offered 8% to holders.
    • Ethereum observed a 5% spike in Open Interest against Bitcoin’s 1%. 
    • ETH price hit a 52-week high ahead of the Dencun upgrade scheduled for March 2024. 

    Ethereum outperformed the largest cryptocurrency by market capitalization and yielded 16% weekly gains for traders. ETH price hit a peak of $2,931 on Monday as the altcoin rallies towards its $3,000 target. 

    Additionally, the second largest cryptoasset by market capitalization has observed an increase in its Open Interest, at 5% on Monday. 

    Also read: XRP price steadies above $0.56 ahead of deadline in SEC v. Ripple lawsuit

    Ethereum beats Bitcoin with massive gains for holders

    Ethereum and Bitcoin yielded 16% and 8.30% weekly gains for holders. ETH outperformed Bitcoin with nearly twice the weekly gains. Data from Coinglass shows that $20.06 million in short positions were liquidated in the past day while $24.15 million in Bitcoin shorts were liquidated. 

    Ethereum price climbed to $2,931 on Monday, a 52-week high. The upcoming Dencun upgrade scheduled for March 2024 and the anticipation surrounding a Spot Ethereum ETF approval. 

    Ethereum price rally to $3,000 likely

    Ethereum price is $2,908 on Monday. The altcoin is currently in an uptrend and close to its $3,000 target. Ethereum has support at $2,720 and the $2,500 level. 

    The green bars on the Awesome Oscillator (AO) and Moving Average Convergence/ Divergence (MACD) suggest that an uptrend is in place for Ethereum price. 

    ETH

    ETH/USDT 1-day chart

    A daily candlestick close below the $2,720 level could invalidate the bullish thesis and result in a decline to support at the $2,500 level before Ethereum price makes a recovery. Experts have predicted a rally to $4,000 prior to the likely approval of Spot Ethereum ETF. 

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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    Week Ahead: Crypto market volatility likely to come back as BTC halving loomsThis week’s outlook is interesting since Bitcoin (BTC) has swept the range low on the daily time frame.
    Source  Fxstreet
    This week’s outlook is interesting since Bitcoin (BTC) has swept the range low on the daily time frame.
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    Dogecoin price could make a 15% recovery as DOGE market attempts to determine a bottomDogecoin (DOGE) price led the meme coin sector dip as markets followed the Bitcoin (BTC) price south in the Friday bloodbath.
    Source  Fxstreet
    Dogecoin (DOGE) price led the meme coin sector dip as markets followed the Bitcoin (BTC) price south in the Friday bloodbath.
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    Hong Kong could approve spot Bitcoin ETFs as early as this month: ReutersHong Kong’s Securities and Futures Commission (SFC), an independent statutory body charged with regulating the securities and futures markets, is likely to approve Spot Bitcoin Exchange-Traded Funds (ETFs), according to a Reuters report from April 10.
    Source  Fxstreet
    Hong Kong’s Securities and Futures Commission (SFC), an independent statutory body charged with regulating the securities and futures markets, is likely to approve Spot Bitcoin Exchange-Traded Funds (ETFs), according to a Reuters report from April 10.
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