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- Ethereum price surged by 3% in the last 24 hours, aiming for a new all-time high.
- The approval of the spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC) did not initially create the expected price movement, but Ethereum started the new week positively.
- According to CoinGecko data, Ethereum exhibited a 3% increase in the last 24 hours, reaching up to $3,948. The peak price of Ethereum was seen at $4,878 in 2021.
- The green candles following the spot ETF approval are interpreted as Ethereum embarking on a new peak-seeking journey.
- Spot Ethereum ETFs have not been launched yet, and the approval of the SEC’s S-1 filings is currently anticipated. The launch of ETFs is expected in the coming weeks.
- In a statement, Arthur Cheong, the founder of DeFiance Capital, noted that a price of $4,500 could be observed before the launch of spot Ethereum ETFs.
Ethereum price increases by 3% in 24 hours as it eyes a new all-time high following the approval of the spot Ethereum ETF by the SEC.
Positive Start for Ethereum After Spot ETF Approval
Ethereum’s price surge in the last 24 hours indicates a potential upward momentum as it targets surpassing the previous all-time high.
Expectations Surrounding Spot Ethereum ETF Launch
The anticipation of spot Ethereum ETFs entering the market has fueled optimism among investors, with the community closely watching for a potential price surge.
Arthur Cheong’s Price Prediction
Arthur Cheong’s forecast of a possible $4,500 price level before the spot Ethereum ETF launch adds to the excitement surrounding Ethereum’s price movements.
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Conclusion
Ethereum’s recent price increase and positive market sentiment indicate a bullish outlook for the cryptocurrency as it aims for new heights in the near future.
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