As a researcher with a background in cryptocurrencies, I’m excited to see the renewed bullish sentiment surrounding Ethereum (ETH) as we approach the launch of spot Ether ETFs for trading. The recent price surge of over 5% and the significant increase in daily trading volumes are strong indicators of this growing optimism.
As an analyst, I’ve noticed a resurgence of activity among Ethereum bulls in recent days, with the upcoming launch of spot Ether Exchange-Traded Funds (ETFs) likely fueling this renewed interest. In the past 24 hours alone, the price of Ethereum has rebounded by 5%, currently sitting at $3,957 and boasting a market capitalization of over $469 billion. The daily trading volumes for Ethereum have also experienced a significant surge, reaching almost $17 billion – a 68% increase.
Ethereum (ETH) Price Eyes Breakout Above $4,000
As a crypto analyst at Rekt Capital, I’ve observed that Ethereum (ETH) needs to achieve a weekly closing price above $3956 in order to advance into the $4000 and above range. At present, ETH is creating a lower high on the chart, but it has lingered around the $2791 mark for some time. Historically, this level has been a sign that an upward trend back towards roughly $4000 could follow.
According to Rekt Capital’s analysis, breaking through the orange box level during a weekly close is essential for confirmation that Ethereum’s bulls are back in control. Overcoming these crucial thresholds will reinforce ETH‘s ongoing bullish trend.
After the announcement of the Ethereum-based Spot Ether ETF last week, the ETH price experienced a brief period of consolidation before continuing its upward trend. The weekly chart indicates that Ethereum has achieved a substantial 27% increase, signaling a strong uptrend in the near future.
ETH Price to Reach $4,500 Before ETF Goes Live
According to Arthur, the founder of DeFiance Capital, Ethereum (ETH) is anticipated to hit a price of $4,500 prior to the initiation of spot trading for an ETH Exchange-Traded Fund (ETF). Backing this bullish perspective, a recent survey conducted by WuBlockchain among the Chinese investor community reported that nearly six in ten respondents are confident Ethereum will soar beyond $10,000 during the ongoing market cycle.
4.5k before spot ETF go live for trading imo.
— Arthur (@Arthur_0x) May 26, 2024
Large-scale Ethereum (ETH) investors are actively buying up large quantities of the cryptocurrency in expectation of heightened institutional demand in the near future. This anticipated surge in interest from institutions has prompted these investors to increase their holdings since the recent Ethereum ETF approval was announced.
A Santiment chart demonstrates the current shifts in Ethereum coin ownership by the top 1,000 wealthiest wallets in real-time. On May 19, these major investors collectively possessed approximately 76.01 million ETH. After Bloomberg reported potential SEC approval of Ethereum ETFs on May 20, these “whales” intensified their purchasing activity. By May 26, the leading 1,000 Ethereum wallets now controlled around 76.52 million ETH, representing a net gain of about 510,000 ETH within a five-day span.
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2024-05-27 07:55