Analysts eye upside as Ethereum price tests key $2.8k levels

Bitmine Immersion has significantly extended its Ethereum staking activities, locking away a substantial amount of ETH as the cryptocurrency's price begins to recover. This move reflects a growing trend among institutions to engage in ETH staking, showcasing increased confidence in Ethereum as a viable investment strategy.

Ethereum's outlook has improved significantly, with Standard Chartered indicating that rising institutional demand and stronger fundamentals may allow ETH to outperform Bitcoin in the near future. This shift comes after a period of skepticism and underperformance for Ethereum, which is now showing signs of renewed strength.

Bitcoin (BTC) has surged past the $96,000 mark this week, driven by significant inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) and a favorable U.S. Consumer Price Index (CPI) report, which alleviated inflation concerns. This price movement marks the end of a prolonged consolidation phase, leading to a wave of bearish liquidations as short sellers exited their positions.

Shiba Inu Coin (SHIB) has seen a notable price increase, currently trading at $0.00000885, approximately 30% above its December lows, indicating a potential recovery for the popular meme cryptocurrency.

Solana has publicly criticized Ethereum's Layer 2 solution, Starknet, highlighting a significant disparity between its high valuation and low user activity. This critique raises concerns about the sustainability of such valuations in the cryptocurrency market.

The cryptocurrency market is experiencing a notable surge, with Bitcoin, Ethereum, and Dogecoin seeing significant price increases. This uptick follows the release of positive US economic data, highlighting improvements in unemployment and consumer spending, alongside potential regulatory changes from a proposed bill.

Bitcoin's price has shown notable strength, trading in the mid-$90,000s after a period of consolidation around $90,000. Technical analyst Jackis has outlined potential bullish and bearish scenarios for Bitcoin's next movements, emphasizing the importance of price confirmation for traders.

Altcoins are experiencing a significant downturn, with a 55% drop in futures open interest, as capital flows back to Bitcoin and Ethereum, according to Wintermute and Pantera. This shift indicates a retreat from altcoin investments amid a broader risk-off sentiment in the cryptocurrency market.