Ethereum is drawing significant attention from Wall Street. A recent report from Fidelity Investments has designated ETH as a valid store of value (SoV) and a key element of digital infrastructure.

“Ether can serve as a medium of exchange and a store of value,” the report highlights. “Blockchains have embedded currencies… they should be compared to sovereign economies, not tech companies.”
After facing a challenging year in 2024, where ETH struggled against BTC and underperformed compared to Solana, renewed interest in Ethereum could signal a potential resurgence towards all-time highs.

Ethereum Gains Market Attention

Following Fidelity’s report, the market sentiment for ETH has flipped bullish, resulting in a nearly 7% surge to $2,620, breaking free from a previous trading range. The latest data also shows ETH surpassing BTC in daily trading volume and open interest.
Ethereum’s futures market open interest has risen by 7%, while Bitcoin’s has slightly declined. Total derivatives trading has reached around $59 billion, with ETH continuing to capture a significant market share.
Additionally, on July 3, the ETH spot ETFs witnessed their largest inflow in a month at $148 million, totaling over $300 million for July.

Challenges Ahead

Despite the positive market movements, many traders are still betting against ETH, perhaps anticipating a revisit of previous hurdles where it failed to break $2.8K and experienced a swift decline of 20%.
However, the current market conditions are different, as open interest is climbing alongside increased demand. Significantly, ETH has successfully transformed previous resistance into support, paving the way for potential upward movement. The question remains whether Ethereum can close the gap and reclaim a price of $3,000?