Ethereum ETF “value” acknowledged by CEO Larry Fink as ETH price rises sharply in both U.S. dollar and BTC terms.
Ether ETH
$2,690 has gained more than 20% against Bitcoin
BTC
$44,990 in 72 hours and traders see further upside to come.
ETH/BTC 1-day chart. Source: TradingView
BlackRock CEO “sees value” in Ethereum ETF
ETH/USD is also busy breaking out, seeing levels absent from the chart since mid-2022.
ETH/USD 1-week chart. Source: TradingView
Thus, Ether’s turnaround threatens to leave Bitcoin in the shade, despite BTC/USD hitting its highest levels since the December 2021 post-ETF announcement.
Buzz around ETH getting its own U.S. ETF debut later in the year appeared to drive bullish momentum.
Larry Fink, CEO of asset manager BlackRock which this week released its Bitcoin ETF, told CNBC on the day that he “sees value” in a copycat move for Ether.
“Larry Fink is already beating the Ethereum drum.
Analyst: Bitcoin dominance “looks topped out”
Considering what might come next, Michaël van de Poppe, founder and CEO of trading firm MNTrading, saw Ether continuing to gain ground against Bitcoin as a part of the combined cryptocurrency market cap.
“The Bitcoin dominance looks topped out prior to the Bitcoin halving,” he told X subscribers.
“Expecting to see a continuation as Ethereum is taking more momentum. This might be the cycle’s high on the Dominance as the altcoin bull market has started.”
Bitcoin crypto market cap dominance annotated chart. Source: Michaël van de Poppe/X
Van de Poppe suggested that attention may thus focus away from BTC/USD until after the block subsidy halving in April — itself known as a price catalyst, albeit not an immediate one.
Meanwhile, part of the ETF narrative envisages a major Bitcoin supply squeeze as institutions seek exposure to BTC in the long run.
