The Ethereum (ETH), currently the second largest cryptocurrency by market capitalization, has demonstrated robust daily trading activity, as reported by cryptocurrency analysis platform Kaiko on February 26th. According to their findings, Ethereum’s daily trading volume remained strong throughout the latter half of February, consistently surpassing the $5 billion mark for an extended period, the longest since early 2023.
Moreover, another platform specializing in financial data highlighted that Ethereum perpetual futures open interest has surged to a multi-year peak of $7.7 billion. Concurrently, funding rates have spiked to their highest levels since the beginning of January. Kaiko’s analysis also observed that the Ethereum (ETH) to Bitcoin (BTC) ratio recently reached its highest point since early January, with Ethereum briefly breaching the $3,000 mark for the first time since April 2022.
As of the latest update, the price of Ethereum stands at $3,268.83, reflecting a 6.1% increase in the past 24 hours. During this period, the cryptocurrency recorded a trading volume of $25,184,584,252. Over the past week, Ethereum has shown significant growth, with its price rising by 11.7%.
In related news, analysts are optimistic about Ethereum’s future prospects, especially with the impending launch of ETFs. Tony “The Bull,” a respected technical analyst and publishing executive, recently shared a positive outlook on Ethereum (ETH). He highlighted a specific technical pattern on the ETHUSDT daily chart that suggests substantial upward potential.
Disclaimer: The views expressed in this article, including those of individuals mentioned, are solely for informational purposes and do not constitute financial or investment advice. Trading cryptocurrencies involves risks and potential financial losses.
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