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Ethereum (ETH) is experiencing significant upward momentum in the cryptocurrency market, buoyed by the recent approval of Ethereum spot Exchange-Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). This regulatory green light has invigorated the market, increasing investors’ bullish activity.
In the past 24 hours, Ethereum’s price has surged by 4%, now trading at $3,916. Its market capitalization has risen to $470 billion, with daily trading volumes soaring by 70%, reaching nearly $18 billion. This surge in activity underscores the growing investor confidence in Ethereum’s future prospects.
On-chain analyst Matthew Hylan has confirmed a bullish divergence and a break in the downtrend, supported by increased trading volumes. This technical validation has further bolstered Ethereum’s optimistic outlook, sparking a wave of predictions from industry experts.
Ethereum Price Forecasts: Experts Optimistic
Arthur Cheong, the founder of DeFiance Capital, forecasts that Ethereum will reach $4,500 before starting spot ETF trading. A survey conducted by WuBlockchain echoes this sentiment, revealing that 58% of respondents in the Chinese crypto community believe Ethereum could climb to $10,000 or higher in this market cycle.
DeFiance Capital founder Arthur predicts that ETH will be able to reach $4,500 before spot ETH ETF trading goes live. A survey conducted by WuBlockchain in the Chinese community shows that 58% people believe that ETH can rise to $10,000 and even more in this cycle.… pic.twitter.com/WaYdCyhKS4
— Wu Blockchain (@WuBlockchain) May 27, 2024
Defi Mochi, a renowned crypto analyst, has also revealed an optimistic outlook for Ethereum with a price target between $9,500 and $12,000. Mochi attributes this forecast to several key drivers, including increased political support for cryptocurrencies. As governments and regulatory bodies worldwide begin to realize the potential of digital currencies, the legitimacy and potential of crypto assets like Ethereum are being increasingly recognized.
One of the main contributors to the bullish predictions is institutional investors’ increasing adoption of Ethereum. Over recent years, Ethereum has been noticed by institutional players beyond its solely digital currency status. A Santiment chart highlights this trend, showing that as of May 19, the top 1,000 largest wallets held a combined total of 76.01 million ETH, indicating strong confidence among large investors.
The positive forecasts related to Ethereum have sparked intense and widespread conversations among cryptocurrency enthusiasts and investors. It is widely believed among many that Ethereum will probably have a substantial rise in its value, which will subsequently help the entire cryptocurrency market to develop. However, it is important to note that these predictions are speculative, and actual market performance may differ.
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