NEAR Protocol's token surged by nearly 10%, hitting a peak of $2.36, following the announcement of a NEAR exchange-traded product (ETP) by fund manager Bitwise in Germany. The token's price rose from $2.15 to this new high amidst strong trading volume, effectively breaking the $2.30 resistance level. However, profit-taking was seen shortly after, leading to a slight retracement to $2.27, where it found support at the 23.6% Fibonacci retracement level. Illia Polosukhin of Bitwise noted that this ETP provides a regulated method for institutions to earn staking rewards without managing private keys. NEAR established a new support zone between $2.26 and $2.27, suggesting that while short-term bearish pressure exists, the overall upward trend might remain intact. This scenario reflects significant interest in the NEAR ecosystem as it continues to evolve in the crypto market.

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