The crypto market has witnessed decline due to false news about a Bitcoin (BTC) exchange-traded Funds (ETF), but Ethereum has gained over 5% and is trading at $2,380, despite the bearish sentiment in the market.

The second-largest cryptocurrency got almost $2,400 marks as the hacked X account of tge U.S Securities and Exchange Commission announced the approval of the Spot BTC ETF.

Ethereum Price Shows Resilience

The reported SEC's fake news farce caused significant volatility in Bitcoin market. Reported by crypto derivatives provider Greeks

The majority of investors acknowledged that the impact of ETF news (fake or real) in Bitcoin was limited and a lot of investors have carried out the operations of reducing the leverage and positions.

Moreso, the Bitcoin price after the announcement was just 2.3% and it's trading down 1.6% below $46,000.

On the other hand, the Ethereum's Price has spiked more than 5% since the fake news incident. As a result the ETF's prices has closed in on their 21- month high of $2,400.

Furthermore, Ethereum has been underperforming recently, but the narrative will soon favour it according to industry experts.

The sentiment has been recently echoed by crypto analyst, some of whom has labeled Ethereum as insanely undervalued at the moment.

Valkyrie, chief investment officer McClurg even said that it won't surprise him if he saw Ethereum spot ETF's coming to market soon.

Ethereum Basics

On January 10, Gnosis co-founder

Martin koppelmann said a chain's value should come from the utility it provides, "Ethereum is fundamentally offering block space" and users are paying about $2.5billion per year for it. He added that the total valuelockes accross Ethereum layer-2 ecosystem recently hit an all-time high $21billioon.

Conclusively, it could be it is Ethereum's time for price spike, as it remains a defationary asset.