Decoding Ethereum’s role as ‘a store of value’ – Can ETH hit $3.2K soon?

Key Points

1. Fidelity considers ETH a store of value and compares Ethereum's embedded currency (ETH) to sovereign nations' economies, not Web 2 firms.

2. ETH's speculative interest surpassed BTC, with a 7% increase in Open Interest (OI) against BTC's -0.18%, indicating strong demand in the Futures market.

3. ETH sentiment rose to 'greed' level, leading to a 2.8% price increase to $2.6K and flipping BTC in daily trading volume.

4. Bullish targets for ETH are set at $2.8K and $3.2K, with a Put/Call Ratio of 0.44 showing a premium for bullish bets.

5. ETH previously lagged behind BTC and Solana, dropping nearly 70% against BTC, but Fidelity's report has boosted confidence in its value.