Ethereum’s ether (ETH) surged to a four-month high as bitcoin (BTC) hit new highs, with ETH nearing $3,000, up 6.7% in 24 hours. Market sentiment is shifting in favor of ETH, driven by derivatives activity and its role in settlement infrastructure. U.S.-listed spot ETFs attracted $500 million in inflows, and public companies like Sharplink Gaming and Bitmine Immersion Technology are adding ETH to their balance sheets.

Public companies are rapidly acquiring ETH, with enough purchases to offset new supply within a month, according to crypto investor Pentoshi. ETH’s explosive rally saw a 6% jump in one hour, hitting $2,996.85. The rally unfolded in three phases, breaking resistance levels at $2,845, $2,870, and $2,920 before reaching $2,993. Support levels were established at $2,756.18 and $2,761.11, with significant resistance at $2,993.34.

Read more at Yahoo Finance.: Ethereum’s ETH Surges to $3K as ETF Flows, Tokenization Narrative Fuels Rally