- Cryptocurrency market grows to $2.6 trillion; Ethereum (ETH) price up 17%.
- SEC’s statement on Spot ETH ETFs boosts approval chances, market reacts positively.
- Ethereum nears $4,000; analysts predict potential rise if bullish momentum continues.
The entire cryptocurrency market has seen a trend toward growth, increasing its total value to $2.6 trillion. Bitcoin and other alternative cryptocurrencies have seen an increase in prices. In the last 24 hours, Ethereum
The surge in the value of the second-largest cryptocurrency came after the SEC’s latest statement regarding the Spot ETH ETF 19b-4 applications. The regulatory body has requested that exchanges and issuers looking to list Spot ETH ETFs make amendments to their 19b-4 applications. This has led analysts to believe that the likelihood of Spot ETH ETFs getting approved has jumped from 25% to 75%.
Ethereum 24-Hour Price Analysis
The market price of Ethereum has seen a significant rise, approaching the $4,000 mark. At the time of this report, ETH is trading at $3,672, up from its recent low of $3,125 last week. On May 20, the price stabilized at around $3,100, with minor increases to $3,146. By the end of the day, it had broken through resistance levels and continued its ascent, finding support at $3,441.
Moreover, on May 21, Ethereum experienced another surge, briefly reaching new weekly highs of $3,719, as per TradingView data. Since that peak, it has remained around the $3,600 level, with a volatility index of 78.28. TradingView data also shows that the 9-day Simple Moving Average (SMA) is at $3,326, which underscores the altcoin’s bullish trend.
Taking a broader view, over the past month, Ethereum’s value has had difficulty surpassing the $3,000 resistance level until lately. The cryptocurrency’s price has fluctuated narrowly between $2,900 and $3,000, with more frequent price declines than increases. However, the price has experienced a 16% rise this month.
Furthermore, Ethereum’s price has increased by 61.31% since the beginning of the year. The trading volume has seen a remarkable surge of 255% in the last day, with $37 billion worth of Ethereum being traded at present, as per CoinMarketCap data. Regarding market sentiment, the digital currency has entered an overbought phase, with a Relative Strength Index (RSI) reading of 86.47.
Market analysts have forecasted that Ethereum’s price could reach $4,000 by the end of the current month. According to TradingView charts, Ethereum’s price must first overcome a resistance level at $3,938 before it can attempt to break through a higher resistance at $4,089. This scenario may unfold if the bullish momentum that has recently emerged continues.
In conclusion, the Securities and Exchange Commission’s (SEC) potential approval of an Ethereum Spot Exchange-Traded Fund (ETF) is anticipated to significantly impact Ethereum’s price in the coming week. Additionally, prominent cryptocurrency analyst Ali (@ali-charts) has reported a notable Ethereum transaction, with a purchase of 110,000 ETH in the past day.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
