As a researcher with experience in cryptocurrency markets, I’m excited about the recent surge in Ethereum’s price, which has gained an impressive 18% increase in the last 24 hours. The current value of Ethereum stands at $3,659.60, and its market capitalization has reached a significant milestone of $439.5 billion.
As a crypto investor, I’ve been pleasantly surprised by Ethereum‘s recent performance. In just the past 24 hours, the token has experienced an impressive 18% increase, bringing its value to the highest point this month at $3,659.60. With a market capitalization of $439.5 billion, Ethereum is currently dominating the cryptocurrency landscape.
So, why the Ethereum price is rising so much today? Let us look into that.
What’s Behind The Ethereum Price Rally?
As a seasoned crypto investor, I’ve witnessed Ethereum make headlines as the most favored cryptocurrency network, reaching an all-time high (ATH) of $4,891.70 in 2021. However, Ethereum took a backseat during the declining market conditions for several years. But just recently, in March 2024, there was a significant surge, and now, following a brief hiatus, Ethereum’s price is on the rise once more. This upward trend can be attributed to two primary factors: market recovery and exciting new developments surrounding the Ethereum ETF.
Bullish Market Conditions
After several weeks of muted market sentiment, the fear and greed index registered a 70 out of 100, signaling the return of bullishness in the market. This shift was further supported by an increased market capitalization to $2.61 trillion and robust trading volume of $133.96 billion. As a result, all major cryptocurrencies, including Ethereum, have bounced back with notable gains within the past 24 hours.
As a crypto investor, I’m excited to see Bitcoin approaching its all-time high (ATH) of $73,750.07, having already reached $71,232. This significant price increase is not only beneficial for Bitcoin holders but also positively impacting altcoins in the market.
Ethereum Spot ETF Approval
The SEC’s ruling on an Ethereum ETF is expected this Thursday, but recent developments have significantly increased anticipation. Previously, the SEC expressed disagreement with Ethereum’s status, casting doubt on a positive outcome. Consequently, investor optimism waned, and experts predicted a slim chance of approval for an Ethereum Spot ETF due to Ethereum’s ambiguous classification as a commodity or security. However, recent analysis now suggests a 75% likelihood of ETH ETF approval – a considerable improvement from the earlier 25%.
According to Bloomberg’s ETF analysts, Eric Balchunas and James Seyffart, the probability of SEC approval for Spot Ethereum ETFs has increased significantly, reaching approximately 75%, following the SEC’s recommendation for exchanges to submit their 19B-4 filings immediately. This shift in SEC guidance has noticeably influenced the perspectives of analysts like Balchunas and Seyffart regarding the impending approval.
Based on recent developments, JSeyff and I have raised our estimate for the likelihood of Ether ETF approval to 75% (previously at 25%). There are indications that the SEC might be reconsidering their stance on this contentious issue. Consequently, everyone is rushing to prepare (as we are) in anticipation of a potential shift in the regulatory landscape.
— Eric Balchunas (@EricBalchunas) May 20, 2024
How High Ethereum Price Can Go?
Ethereum remains optimistic among cryptocurrencies and could potentially see further growth. In accordance with this viewpoint, crypto analyst Oliver Isaac points out that Ethereum’s daily price chart is forming one of the largest candles in its five-year history. This candle’s size is nearly equivalent to Solana’s (SOL) total market capitalization. Based on this analysis, Isaac anticipates Ethereum reaching a price tag of $10,000.
Largest daily Ethereum candle in 5 years$ETH is up almost the entire mcap of $SOL today
If they approve the Ethereum ETF, they are approving the entire industry.
ETH to $10,000 next target
— Oliver Isaacs (@oliverzok) May 21, 2024
Despite the Ethereum ETF buzz, the Ethereum price surge to $4,000 or beyond is anticipated based on the trend’s momentum. The Fibonacci sequence suggests a significant increase in Ethereum’s value, potentially reaching $4,749 by month-end if the trend persists. Furthermore, an approved Ethereum Spot ETF could further fuel this rise towards $6,000.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Best Goomba Characters In Mario Games, Ranked
- ETHW PREDICTION. ETHW cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- SOL PREDICTION. SOL cryptocurrency
- Destiny 2 Player Transforms Their Warlock Into Team Fortress 2’s Medic
- BCH PREDICTION. BCH cryptocurrency
- Cardano Enters Chang Hard Fork Era With Node 9.1.0 Upgrade
2024-05-21 11:00