Ethereum's price movement today has been influenced by several key developments. Notably, BlackRock's acquisition of $276.16 million worth of Ethereum on February 4th has drawn significant attention, reflecting the asset management giant's continued expansion of its Ethereum holdings. This move is part of a broader trend of institutional interest in Ethereum, which has been bolstered by the recent proposal from the Cboe BZX Exchange to enable options trading on spot Ethereum ETFs. This proposal aims to boost liquidity and price stability, potentially driving Ethereum's price toward $4,000 in the coming weeks, according to analysts.
Additionally, the market has seen a substantial outflow of $402 million worth of Ethereum from exchanges in the past 48 hours, suggesting potential accumulation and creating buying pressure. This aligns with a broader bullish sentiment, as highlighted by a crypto expert who noted that Ethereum's current market structure mirrors Bitcoin's setup before its previous major breakout. The anticipation of the upcoming Pectra upgrade, which aims to improve Ethereum's scalability and staking efficiency, further supports the positive outlook for Ethereum.
Ethereum's price has increased by 1.52% today, reaching $2,773.51, with a high of $2,822.67 and a low of $2,701.24.