Ethereum (ETH) Tops a Notable Ranking, Surpassing Popular Altcoins and Meme Coins

TL;DR

• Ethereum (ETH) leads in a particular ranking following the approval of Ethereum ETFs in Hong Kong.
• Despite this success, the asset’s price has recently declined by 5% in 24 hours and 15% weekly, with analysts indicating critical levels for potential recovery in its value.

ETH Ranks First

The market intelligence platform Santiment revealed that Ethereum (ETH) has garnered much attention lately, experiencing the fastest rise in discussion rate in the crypto community. Beam (BEAM) was placed second, while the biggest stablecoin by market capitalization, Tether (USDT), rounded up the top three.

Other popular cryptocurrencies included in the list are Cat in a Dogs World (MEW), Avalanche (AVAX), Toncoin (TON), and Ondo (ONDO).

According to Santiment, the main reason for the interest in ETH is the recent approval of spot Bitcoin and Ethereum ETFs in Hong Kong. 

As CryptoPotato reported earlier this week, the regulators of China’s special administrative region gave the thumbs up on several such products: a move that reflects the city-state’s intention to emerge as a global crypto hub.

ETH Price Outlook

While Ethereum remains quite popular among industry participants, the native token of the blockchain platform—ETH—has suffered a severe setback lately. Its price is down 5% in the last 24 hours and 15% on a weekly scale. Its downtrend comes at the time of a broader market decline, with Bitcoin (BTC) witnessing similar losses.

The popular crypto analyst Rekt Capital recently claimed that ETH’s price trajectory is “repeating the downside wick of mid-2021.” The trader believes that a new bullish momentum depends on a weekly close which needs to fit into depicted area of over $2,800.

$ETH dropped into the orange circle (~$2800), repeating the downside wick of mid-2021

For #ETH regain bullish momentum, it would need to Weekly Close inside the orange boxed area and retest is as new support#Crypto #Ethereum https://t.co/BXxxficG4y pic.twitter.com/7g4LGOftfd

— Rekt Capital (@rektcapital) April 15, 2024

The X user Crypto Tony chipped in, too, arguing that “holding $3,040 is super important for the bulls.”