With expectation bubbling ahead of the Securities and Exchange Commission’s (SEC) decision on the Spot ETH ETF (exchange-traded fund), Ethereum (ETH) has seen its value surge beyond the $3,900 mark. Its ascent has galvanized the spirits of investors and market watchers alike, with bullish sentiments coursing through the air like a victory chant. As analysts quietly doff their hats to the ‘King of Altcoins,’ some are speculating whether this robust momentum has the potential to rocket ETH’s price above the old constellation of figures.
Ethereum, the silver medalist in cryptocurrency market capitalization, has been scoring all the headlines this week with its breathtaking performance. Fueled by circulating whispers of an imminent rubber stamp on the ETH spot ETF this Wednesday, the collective vibe has taken an energetic swing towards optimism.
Just a few moons ago, financial savants at Bloomberg were advising a more cautionary tale, citing stiff government crackdowns on the industry as reasons for slim odds for an ETF approval. But a shift in the winds flowing from the Biden administration has brought with it a rekindled sense of optimism, boosting the projected odds up to the 65-75% range.
Triggered by this newfound positivity, Ethereum, in a week, saw an almost Herculean leap of 30.4% from the price at which it was traded just seven days ago. Shattering the confines of the sub-$3,000 zone, it has risen with a windfall of success and crossed the previously daunting $3,900 resistance level.
The euphoria has far from subsided, as seen by the flurry of letters sent by a bipartisan group of House lawmakers to SEC chair Gary Gensler pleading for Ethereum ETFs approval. It’s clear that as per Eric Balchunas’s report, these lawmakers see the potential for digital asset-backed ETFs as “investors’ ticket to a regulated, transparent investment sphere.”
The surging excitement doesn’t end there. Ethereum has been on a winning streak, posting a growth of 5.6% just as the crypto-community huddles in anticipation of the SEC’s verdict.
Crypto Yoddha and Crypto Jelle, two revered market watchers, offer their views on Ethereum’s bullish prospects. They suggest Ethereum has ended a 700-day accumulation period, the same that led to a rally in the past. The aftermath, if history were to repeat itself, could catapult Ethereum to record highs. Targets are being set tentatively around the $10,000 and $15,300 marks, with traders cautioning against the potential pitfalls of overtrading, and urging a focus on the long-game.
Similarly, Crypto analyst Mikybull predicts an optimistic path for Ethereum, suggesting it could usher in the bull targets of $9,000-$11,000 for this cycle.
The moment of truth will arrive around 8:30 pm UTC on May 23 as the world awaits the SEC’s much-anticipated decision. As of writing, Ethereum is trading at an impressive $3,930.
