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#ETH#
Ethereum (ETH) has been showing relative strength against Bitcoin lately, and I predict that ETH could outperform BTC.
Current Situation and Price Action
* Price: Ethereum's current price is trading around $2,670 - $2,700. It has seen slight increases in the last 24 hours, increasing by 3.98% in a week and 46.42% in a month.
* Support and Resistance: ETH has bounced off the $2,500 level, rising above $2,700, and is attempting to break through the key resistance at $2,750 - $2,850.
* Market Cap: Ethereum's market cap is around $327 billion.
Key Developments and Analysis
* Option Expiration: $2.4 billion worth of Ether options contracts expiring on May 30 are encouraging bulls to push the ETH price above $2,700. In these options, call options are significantly higher than put options.
* On-Chain Data: Approximately 38% of Ethereum's market cap ($123 billion) is priced at just 0-20% above its cost basis, which could indicate potential losses for some investors.
* Institutional Interest: The announcement of a $425 million Ether treasury strategy by companies like Sharplink Gaming is increasing institutional interest in ETH.
* ETF Impact: Ethereum has a significant advantage as the only altcoin with a spot exchange-traded fund (ETF) offering in the US. Bitcoin and Ethereum spot ETFs continue to see inflows.
* EIP-1559 Impact: EIP-1559, which came with the London hard fork in August 2021, allowed some of the transaction fees to be burned. This could lead to a decrease in ETH supply as network activity increases and potentially an appreciation in its price.
Future Prospects
* Note: It is thought that Ethereum may experience slower gains compared to Bitcoin and may leave Bitcoin behind in the long term.
* Bulls need to break the resistance in the range of 2,750 - 2,850 USD and turn this level into support to start a new uptrend.
* User entries indicate that ETH may reach 2,774 USD in 2026 and 3,372 USD in 2030.
Overall, Ethereum is showing a strong presence in the market, and spot ETF expectations and institutional interest offer a positive outlook in the long term.