Ethereum rally as Franklin Templeton files for spot ETH ETF, eTukTuk also gains

Ethereum (ETH) is up 7% as American multinational holding company Franklin Templeton joins the spot exchange-traded fund (ETF) race. Meanwhile, eTukTuk is gathering pace as its presale approaches $1 million.

ETF hype drives Ethereum

A mix of improving broader market conditions and bullish Ethereum-specific news has bolstered the Ethereum price, providing ammunition for analysts to be optimistic of what lies ahead.

Over the past 24 hours, Franklin Templeton became the latest Wall Street firm to apply for an Ethereum spot ETF. However, the news has been particularly exciting since the institution wants to incorporate staking into the ETF, enabling investors to earn an additional yield.

The innovative measure is a significant milestone for the crypto industry, displaying its ability to revamp the traditional financial system in real-time.

The $1.5 trillion asset manager submitted the ETF filing on Feb. 12, 2024 with the U.S. Securities and Exchange Commission (SEC). Should the application be approved, the ETF will be called the “FRANKLIN ETHEREUM ETF.”

Renowned ETF analyst James Seyffart posted about the filing on X, noting that Franklin Templeton has joined the race and providing an updated list of current applicants and their deadlines.

According to Seyffart’s data, the earliest deadline for an ETF approval is March 10, 2024.

Alongside the spot Ethereum ETF filing, broader market conditions have also benefited the second most valuable coin, with the total crypto market cap up 4.32% when writing, according to CoinGecko data.

The knock-on effect of these factors has buoyed ETH prices, lifting it above key resistance level.

In response, analysts are bullish, with Trading Joker suggesting this could mark the beginning of the Ethereum bull run.

He then outlined additional catalysts that could contribute to the rally; these are spot ETFs, a rotation of liquidity from Solana to Ethereum, EigenLayer lowering the available supply of ETH, and Ethereum’s deflationary mechanism.

The analyst thinks ETH can reach $19K by mid-2025.

Meanwhile, analyst Michael van de Poppe took a more micro outlook, speculating a breakout could send ETH toward $3.5K.

At the time, ETH was trading at $2.48K but has since jumped to $2.66K.

However, Ethereum is not the only asset succeeding in the current market conditions.

Many newer coins are also posting gains . Already, the eTukTuk presale is approaching $1 million.

The eTukTuk presale approaching $1 million

The eTukTuk project aims to tackle global climate change.

It is an electric vehicle distributor and a decentralized sharing economy.

The project will implement zero emission tuk tuks into developing nations alongside strategically placed charging stations.

The project has set its sights on Sri Lanka, teaming with the nation’s largest privately held company, Capital Maharaja Group.

eTukTuk will also collaborate with territory partners who will install and maintain charging infrastructure, ensuring the protocol’s operational success.

Besides solving pressing climate change issues, eTukTuk also offers safe and low-cost transport to everyone. Its whitepaper explains that 1.4 billion adults are unbanked, unable to access essential financial services.

With eTukTuk anyone can create a wallet and easily access the network. Furthermore, eTukTuk launched on the BNB Chain for fast and affordable transactions.

The project integrates AI in numerous ways, ranging from optimizing transport routes to predictive maintenance on physical infrastructure, ensuring the longevity of equipment.

eTukTuk’s presale is ongoing in its early stages. The token is available for $0.0265, but this will increase as the presale advances. Investors can stake, earning a 288% APY.