Ethereum

bullish

DeFi

<ul>
 <li>Swiss bank UBS has launched its first Ethereum-based tokenized fund adding on to the bullish outlook for Ethereum’s ETH.</li>
 <li>The growing institutional interest has led to analysts predicting a potential rally to $6,000.</li>
</ul>
At the start of this month, Swiss banking giant <a href="https://www.ubs.com/global/en/media/display-page-ndp/en-20241101-first-tokenized-investment-fund.html" target="_blank" rel="noopener noreferrer nofollow">launched</a> a groundbreaking Ethereum-based investment fund in the world’s second-largest cryptocurrency. This among other factors has seen ETH record a resurgence in its market value. This <a href="https://www.ethnews.com/ethereum-eyes-price-surge-amid-us-election-buzz-new-crypto-attracts-whales-challenging-chainlink/" target="_blank" rel="noopener noreferrer nofollow">comeback</a> has left market gurus speculating whether this new institutional backing could propel ETH’s price higher.&nbsp;
Ethereum’s recent performance has been commendable. This follows a series of downward momentum. A juncture that saw Ethereum underperform more than Bitcoin, the king of crypto, and Solana, a blockchain best known for its high-speed transactions and low fees.
As detailed in our<a href="https://www.ethnews.com/ethereum-reclaims-42-of-defi-outflows-from-solana-what-it-means-for-both-networks/" target="_blank" rel="noopener noreferrer nofollow"> previous report,</a> Ethereum commenced a period of renewed growth late last month.Notably a report by Michael Nadeau, founder of The DeFi Report, revealed that Ethereum has reclaimed 42% of DeFi outflows from Solana.
With a strong performance, ETH at the time of writing is swapping hands for $2,441.33 representing a 0.90% and 1,27% surge in the past 24 hours and month respectively. Picking up on this,&nbsp; Ali Martinez, a prominent crypto analyst, identified a high-reward opportunity for Ethereum, suggesting that ETH’s price structure supports a bullish outlook.
Gathering more than 76k followers, Ali Martinez <a href="https://x.com/ali_charts/status/1853293933469553060" target="_blank" rel="noopener noreferrer nofollow">took</a> to the X platform, setting a bullish and ambitious target of $6000. On the other side, the analyst set a stop-loss below $1800. For ETH to partake in this bullish price roadmap, Ethereum must first overcome the $2,680 resistance.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The risk-to-reward ratio on <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> is too good to pass up for a long position! I’ve set my stop below $1,880 and am aiming for a target of $6,000. <a href="https://t.co/0ZjmGAjq2p" rel="noopener noreferrer nofollow">pic.twitter.com/0ZjmGAjq2p</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1853293933469553060?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 4, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h3 id="b-swiss-top-bank-ubs-launches-ethereum-based-fund-b">Swiss Top Bank UBS Launches Ethereum-Based Fund&nbsp;</h3>
ETh’s trajectory is only set to rise with the growing support from institutional investors. UBS, one of the world’s top financial institutions, recently rolled out its first Ethereum-based tokenized fund in Singapore.&nbsp; This UBS USD Money Market Investment Fund Token, known as “uMINT,” is part of UBS’s broader commitment to embracing blockchain technology.&nbsp;
The launch of uMINT comes in the heels of a series of banks and institutional firms tapping into Ethereum’s blockchain for its robustness and security. UBS’s significant move follows previous blockchain initiatives, including a tokenized Variable Capital Company (VCC) fund and a natively issued digital bond settled on a public blockchain.
Ethereum’s progress has not gone unnoticed.&nbsp; Leena ElDeeb, a research analyst at 21Shares, likened Ethereum’s untapped potential to Amazon’s early days. Stating; 
<blockquote>
 Ethereum is “complex, akin to Amazon in the 1990s — promising vast potential but less straightforward in its use cases
</blockquote>
Additionally, Federico Brokate, 21Shares’ vice president, noted that just as Amazon grew from an online bookstore to a global tech leader, Ethereum could also expand its reach in ways that we cannot yet imagine, backed by a dedicated talent pool that continues to innovate.
Similarly, Ethereum had a humble beginning in 2015 as a blockchain network supporting smart contracts. However, it now supports decentralized finance (DeFi) applications worth more than $140 billion. Brokate said
The post <a href="https://www.ethnews.com/ubs-launches-ethereum-fund-amid-price-surge-is-6000-in-sight/" rel="noopener noreferrer nofollow">UBS Launches Ethereum Fund Amid Price Surge—Is $6,000 in Sight?</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

UBS Launches Ethereum Fund Amid Price Surge—Is $6,000 in Sight?

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