Market News

Brazil Embraces Ethereum: B3 Exchange to Launch ETH and SOL Futures

Ethereum (ETH) has recently shown a robust bullish trend, climbing above the $2,400 resistance level with an impressive 32% week-over-week gain.

This surge in price is fueled by several factors, including the successful Pectra upgrade and an upcoming ETH futures listing on Brazil's B3 exchange, which is set to occur on June 16.

The B3 exchange, Brazil's largest stock exchange, has received official approval from the Brazilian SEC to launch Ethereum and Solana (SOL) futures, enhancing institutional interest in ETH.

Meanwhile, institutional giants like BlackRock are also contributing to bullish sentiment by engaging with the SEC’s crypto task force regarding staking in crypto ETFs.

These developments indicate a potential shift towards wider institutional adoption of cryptocurrency and related financial tools.

On-chain metrics reveal that Ethereum has broken significant resistance at the $2,380 level, indicating strong buying pressure among traders.

Cryptocurrency analyst Ali Martinez highlights this breakout as a sign of diminishing short-term selling pressure and the likelihood of continued gains.

With key technical indicators supporting this trend, Ethereum could be on track to approach the psychological $3,000 level soon.

If Ethereum maintains levels above $2,150, further price increases to $2,500 or even higher are anticipated.

Conversely, a drop below $2,100 could trigger a larger market correction, pushing the price down toward the support level of $1,880.