With the approval of a Spot Ethereum ETF, the market has experienced a surge, leading to a bullish trend not only in Bitcoin and Ethereum but also in altcoins. This surge is anticipated to pave the way for the commencement of live trading of Ethereum ETF after approval. Consequently, Ethereum bulls are becoming active once again. In the last 24 hours, Ethereum (ETH) has seen a 5% increase in price, currently trading at $3,909 with a market cap of $469 billion. Additionally, the daily trading volume of Ethereum has surged by approximately 68%, reaching nearly $17 billion. Market experts foresee that with this momentum, Ethereum will easily surpass the $4,000 level soon, possibly reaching a new all-time high in the coming months.
Ethereum may soon make its All-Time High
Cryptocurrency investors are expecting significant institutional demand for Ethereum (ETH) in the coming weeks. In anticipation of this influx, large Ethereum investors have been buying in large quantities since the announcement of the Spot Ethereum ETF approval. Additionally, Ethereum whales have become active, with the top 1,000 Ethereum wallets now holding 76.52 million ETH as of May 26, indicating an acquisition of over 510,000 ETH in just five days, driving up the price of ETH.
Furthermore, after the approval of the spot BTC ETF, Bitcoin prices surged by over 70% in two months, reaching new all-time highs. If Ether follows Bitcoin's lead, a similar move could propel prices to nearly $6,000 by the end of July. The impact of Ether's prices will also affect the cryptocurrency ecosystem. However, market experts believe that Ethereum (ETH) could reach up to $4,500 before the start of spot ETH ETF trading. Moreover, it could potentially rise to $8,000 or higher by the end of the year.
Ethereum ETF Approval Sparks Crypto Market Optimism
The approval of an Ethereum ETF could have a positive impact on the entire cryptocurrency ecosystem, potentially initiating a bullish trend in the market. This could result in Ethereum reaching a new all-time high, while Bitcoin's price may also surpass $70,000 once again. Moreover, there could be an increase in the prices of alternative cryptocurrencies. Recently, with the rise in Ethereum's price, its meme coin, Pepe, has also experienced a significant surge, reaching $0.00001677 with a 12% increase in the last 24 hours. Additionally, MicroStrategy's founder, Michael Saylor, has recently voiced support for a spot Ether ETF, which could contribute to its price appreciation.
Also Read:- “Spot Ether ETF Approval Will Favor BTC”, Michael Saylor
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