Ethereum has made significant strides in the cryptocurrency market, with its price surpassing $3,000 on Feb. 20, outpacing Bitcoin’s growth by 22%. Recent trends in ETH 2.0 staking deposits suggest that this gap could widen even further in the future.

Ethereum vs. Bitcoin Price Performance

While Bitcoin initially outperformed Ethereum following the approval of Bitcoin ETFs by the SEC, the tables have turned since the beginning of February. Investors are now making long-term bets on Ethereum, capitalizing on rising ETH 2.0 staking deposits and dwindling market supply to potentially drive the price above $4,000.

Ethereum Surpasses Bitcoin Despite Record ETF Inflows

Despite the record-breaking inflows into Bitcoin ETFs, Ethereum’s price performance has managed to outshine Bitcoin. The historical price chart shows that while Bitcoin prices increased by 24.2% in February, Ethereum saw a more impressive 33.7% rise, reaching the $3,000 milestone on Feb. 20.

Investors Place Long-Term Bets on Ethereum

Investors are playing the long game with Ethereum, staking coins ahead of potential gains from an upcoming ETH ETF approval. This has been a driving force behind Ethereum’s price surge in February, surpassing Bitcoin in performance.

Staking deposits on the ETH 2.0 network have seen a significant increase, with over $1.5 billion deposited in the past week alone. This surge in staking deposits enhances network security and stability, signaling investor confidence in Ethereum’s future.

Forecast: Can Ethereum Reach $3,500?

Market trends suggest that Ethereum’s price could continue to rise, potentially reaching $3,500 in the coming weeks. However, resistance at the $3,200 mark could pose a challenge.

Data from IntoTheBlock’s GIOM data indicates that a breakout above $3,200 could pave the way for a larger upswing towards $3,500. However, a drop below $2,500 could invalidate this prediction, with potential support from addresses that acquired ETH at lower prices.

Overall, Ethereum’s performance in the market is promising, with the potential for further growth in the near future.

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