Ethereum News Today: Crypto Markets Surge as Bitcoin Holds Above $118,500, Ethereum ETF Sees Record Inflow

Crypto markets have experienced a significant surge, with Bitcoin maintaining its price above $118,500, a level that has brought optimism to cryptocurrency enthusiasts. This upward trend has been supported by Ethereum (ETH) witnessing its largest single-day inflow into its ETF, indicating a consistent institutional demand for digital assets. As interest in cryptocurrencies grows, investors are increasingly turning their attention to meme coins like PEPE Coin, which has shown potential for significant gains.

PEPE Coin, one of the major meme coins, has demonstrated a tendency to experience significant movement whenever there is an upswing in ETH’s price. This trend has been observed multiple times this year, attracting investors who see more potential for upside compared to Ether. Analyst Waleed noted that the current upward movement is limited, suggesting more significant gains could be on the horizon. An analyst has identified a cup-and-handle pattern, predicting a potential rise to $0.0000283 upon overcoming resistance. As ETH holds the vital $3,400 level as support, its next targets are $3,500 and $3,700. Crossing these levels could significantly bolster PEPE Coin’s rally. Historical data suggests that similar rallies have driven ETH to break above the $4,000 mark repeatedly, which could also exponentially increase PEPE Coin’s gains.

In other significant developments, Russia’s largest bank, Sberbank, has announced plans to introduce cryptocurrency custody services. This move signals a major milestone for Russia’s crypto market, especially in light of the sanctions imposed on the country. The ongoing conflict between Russia and Ukraine has heightened the importance of cryptocurrencies for the nation, as oligarchs have found ways to circumvent restrictions through Dubai, contributing to past price surges.

Additionally, BitMine has made headlines by surpassing the $1 billion benchmark in ETH holdings, currently possessing 300,657 ETH. The robust inflow of over $700 million into ETFs in just one day underscores the growing institutional appetite not only for BTC but also for ETH. This surge in institutional interest is a positive indicator for the overall health and growth of the crypto market, as more traditional financial institutions begin to recognize the potential of digital assets.