At present, Ethereum is trading around $2,604 with substantial trading volume of $20 billion—up 53% from the prior day. Intraday, ETH has fluctuated between $2,477 and $2,649. The ETH/BTC ratio, now at 0.024, has surged over 30% since early May, indicating Ethereum's strong relative performance against Bitcoin. As this ratio rises, Ethereum's market dominance is likely to grow, potentially ushering in an altcoin season.
Ryan Lee, a research analyst at BitGet, remarked that "67% of holders are in profit, which supports moderate bullish momentum. A break above $2,810 could see ETH push towards $3,000, although there are some signs of buyer hesitation."
Regulatory clarity regarding Ethereum staking has also contributed to positive sentiment. The SEC recently clarified that staking products do not fall under securities regulations, potentially leading to a supply crunch as exchange balances decrease. Moreover, pending pro-crypto legislation in the U.S. could significantly enhance Ethereum’s adoption.
In terms of institutional interest, SharpLink Gaming recently announced a $424 million funding round focused on Ethereum, echoing sentiments from Galaxy Digital CEO Mike Novogratz regarding tokenization potential on the Ethereum blockchain.
Additionally, Vitalik Buterin's proposal for a tenfold expansion in Ethereum's capacity aims to strengthen its competitiveness against other networks. This plan may increase Ethereum's utility, which could reflect positively in its price performance in the coming months.
In summary, Ethereum appears set for continued growth, with expectations that it may surpass Bitcoin and other altcoins in the coming weeks, driven by institutional momentum, regulatory shifts, and potential technical advancements.