Ethereum (ETH) hit a two-year peak, marking a significant milestone. While Bitcoin (BTC) shows signs of decline, Ethereum’s strength sparks speculation of a new altcoin season.
At its peak, ETH price touched $3,014, showing remarkable strength in the market. Even as it currently hovers just below the $3,000 mark at $2,937, Ethereum’s market cap stands impressively at $358.96 billion. Over the past week, Ethereum has seen a notable 13.1% climb against the U.S. dollar, with a remarkable 28% surge over the preceding two weeks. Ethereum now commands 17.9% of the total $2 trillion crypto market. So where is it heading? Find out.
Ethereum Set for New ATH Soon, If?
Negentropic, the co-founder of Glassnode, shared insights on Ethereum’s status, highlighting the cryptocurrency’s approach to the significant $3,000 milestone. With a notable surge of 3.35% on Sunday, Ethereum inches closer to this target, driven by market optimism surrounding Ethereum-based exchange-traded funds (ETFs). Ethereum could retake the $3,000 milestone if the ETH bulls rally, even reaching highs around $3,004.
According to analysts alike, Bitcoin ETFs a similar filings from big bulls like ARK, VanEck, and Franklin Templeton for ETH ETFs, fueling anticipation of a positive decision. Especially after surpassing Sunday’s high, Ethereum is all set to hit $3000, with ETF applications seen as crucial for Ethereum’s market positioning.
Expert’s Insight on ETH ETF Approval in May
The bullish trend is circling the potential approval of a spot Ethereum ETF. However, Financial experts suggest that such approval could integrate Ethereum further into the mainstream financial system, potentially increasing its value and appeal to investors. After multiple delays, the SEC’s next deadline to approve, deny, or postpone is in may.
Dave LaValle, head of ETFs at Grayscale projected the odds of SEC approval for Ethereum ETFs at 50%, a bit lower than Bloomberg Analyst Eric Balchunas’ November 2023 predictions. However, Bloomberg Intelligence’s ETF specialist, James Seyffart, remains skeptical, casting doubt on the likelihood of an imminent Ethereum ETF launch.
Despite doubts about a March launch, firms like VanEck and ARK/21Shares are hopeful that ETH ETF will arrive in 2024.
Another bullish factor driving Ethereum’s surge is the upcoming Dencun upgrade, scheduled for launch in mid-March. This upgrade promises significant improvements to the Ethereum network, including proto-dank sharding and fee reductions, aiming to enhance network performance, reduce transaction costs, and improve interoperability across Ethereum’s ecosystem.
In the meanwhile….
Ethereum is yet to be classified as a security by the SEC, and Gary Gensler remains cautious in its regulatory stance; Ethereum’s recent performance underscores its resilience and potential for further growth in the volatile crypto market.
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- Source: https://coinpedia.org/news/ethereum-eth-surges-to-two-year-high-amidst-speculation-of-may-etf-approval/
