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Ethereum (ETH) 
$2,428 and Binance Coin (BNB) have recently captured significant attention in the cryptocurrency world due to their impressive price increases over the past 24 hours. ETH surged by 6%, reaching $2,739, while BNB experienced a remarkable 12% rise, climbing to $710. The surge in Ethereum’s price is particularly associated with the U.S. Securities and Exchange Commission’s (SEC) new application process for staking-supported ETFs, while BNB’s recovery is attributed to technical buying and an overall improvement in market sentiment.
Why is Ethereum’s Price Increasing? Understanding the Background
The recent increase in Ethereum’s price gained momentum following Cboe Global Markets’ submission of the 21Shares Ethereum ETF application to the SEC. This application has sparked discussions regarding the potential addition of staking features to ETFs. Analyst Min Jung from Presto Research noted that this development could significantly impact the market landscape.
The SEC’s new “Crypto 2.0” program signals a more favorable approach towards cryptocurrencies. Investors believe that the acceptance of staking-supported ETFs will have a long-term positive impact on Ethereum. This shift in sentiment further supports the upward trend in ETH’s price, raising market expectations.
BNB Experiences a Technical Bounce
BNB’s price saw a rise of 12% to $710. According to analyst Rachael Lucas from BTC Markets, this increase initiated as BNB rebounded from a strong support level at $500. After dropping to $500 on February 6, the altcoin exhibited a quick recovery due to buying activity at that level.
Lucas highlighted that, technically, $500 is viewed as a critical accumulation zone for BNB. As the broader market recovers, this buying wave has gained momentum. Additionally, the recent listing of new memecoin projects on Binance is contributing factors supporting BNB’s price increase. Experts suggest that the price rise in the altcoin is likely to continue as a result of these listings.
