The Ethereum fear and greed index signals high greed readings at level-73 even as GasNow, the popular Ethereum gas price quotation system suspends operation. The event was followed by the China-based mining pool [Sparkpool] earlier announcing the closure in response to regulatory requirements.
Etherscan at press time shows that the Ethereum 2.0 deposit contract maintains its lead as top deposit account in terms of Ether balance, an indication that the Sparkpool incidence does not deter the growth of the ETH ecosystem.
Another significant driver of the general crypto market is the recent Bitcoin ETF approval, as analysts speculate on an Ethereum ETF approval to follow. Meanwhile, the ETHBTC price chart from a daily time frame signals a regular bullish divergence, which means we should expect a rise in demand for ETH over BTC in the short to mid-term.
Read on as we uncover more insights from the ETHUSDT price chart.
Ethereum (ETH) Weekly Chart Analysis
Paired against USDT, the Ethereum
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