ETH Surpasses 3100 with Dencun Upgrade and ETF Support, Outperforming Bitcoin in This Year’s Rise

Last week, driven by Nvidia’s financial report, the US, Taiwan, Japan, and European stocks all reached new historical highs. However, Bitcoin seems to have not kept up with the pace and is still consolidating in the range of 50K to 53K. Meanwhile, Ether surpassed $3,100 this morning, reaching a level not seen since April 2022.

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Ether surpasses $3,100
Ether’s growth outperforms Bitcoin this year
Ether surpassed $3,100 this morning, reaching a level not seen since April 2022. Short-term moving averages are all in a bullish pattern. Next, there is a chance to challenge the right shoulder of the previous large head and shoulders pattern, around the $3,500 position. This is also the first resistance area near the Fibonacci Retracement level of 3,427.

Ether has become a follower of Bitcoin and has performed better than Bitcoin this year (+36% vs. +22% year-to-date). Ether’s rebound is supported by the March upgrade of Dencun and people’s expectations for Ethereum spot ETF approval by the SEC in May.

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Currently, there are eight ETF issuers applying for Ethereum spot ETFs, and the current review deadlines mostly fall in late May.

BTC
ETH

Further reading:
European Central Bank: Bitcoin ETFs are like the Emperor’s New Clothes, BTC fair value is still zero
Venture capital Pantera: The fourth cycle in the crypto field is coming, Bitcoin halving could push it to $140,000.