Crypto:
30188
Bitcoin:
$69.899
% 4.67
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.899
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Ether Closing in on $4,000 as Post-ETF Hopes Surge

Ethereum

The ETH price was seen hovering just $70 away from the $4,000 price mark in the early trade of May 27, which was a 5% appreciation over the last 24 hours. The data also revealed that ETH has hit a high of $3,930 within the day. This price level is reminiscent of the same move that occurred some days ago when spot Ether ETFs were approved on May 23, which resulted in a significant %27.5 increase over the past week. On the other hand, Bitcoin (BTC) has risen only 3 percent.

Analyst Predictions and Market Reactions

The weekly rise of such magnitude has invited numerous positive sentiments from market analysts. On May 27, Matthew Hyland, an analyst, posted to his 143K followers on X that ETH has formed a bullish divergence and has broken the downtrend with a higher volume, which could lead to further upward action. Consequently, DeFiance Capital founder Arthur Cheong in his May 26 post stated that ETH may hit $4,500 before the appearance of spot ETFs. He pointed out that ETH is severely underweight in portfolios, as evidenced by a survey conducted among 5,800 participants, 48% of which invested in ETH between 0% and 25% of their portfolios.

Future Prospects and Broader Impacts

Ethereum tutor Anthony Sassano contributed to the speculation by stating that MicroStrategy CEO Michael Saylor may invest in ETH within the next six to twelve months. In the past, BTC prices rose by more than 70% to hit an all-time high in the two months after the spot BTC ETF approvals in the United States. If Ether rises in a similar manner, it might surge to around $6,000 per coin by the end of July.

READ:  John Deaton Calls for Gary Gensler’s Resignation Citing Political Bias

Ether has continued to perform well, as has the rest of the crypto market as well. Total value locked in DeFi now stands at $117 billion, the highest level since February 2021 and 60% of this amount is locked on Ethereum, as per data from DefiLlama. Also, Ethereum layer-2 solutions have aggregated TVL, which is approximately $47 billion as of now, according to L2beat.

Rate this post

Leave a Reply

Your email address will not be published. Required fields are marked *