- Ethereum bulls are turning active once again before the spot Ether ETFs go live for trading in the coming two months.
- In the last 24 hours, the Ethereum (ETH) price has bounced back again by 5% and is currently trading at $3,957 with a market cap of $469 billion.
- Also, the daily trading volumes for Ethereum have skyrocketed by 68% to nearly $17 billion.
Ethereum price surges as anticipation builds for the upcoming spot Ether ETFs, with bulls eyeing a breakout above $4,000.
Ethereum (ETH) Price Eyes Breakout Above $4,000
Rekt Capital, a prominent crypto analyst, stated that Ethereum (ETH) requires a weekly close above $3956 to move into the $4000+ range. Currently, ETH is forming a lower high, but it has spent significant time around the $2791 level, historically a precursor to an upside movement back to approximately $4000.
ETH Price to Reach $4,500 Before ETF Goes Live
Arthur, the founder of DeFiance Capital, predicts that Ethereum (ETH) will reach $4,500 before the commencement of spot ETH ETF trading. Supporting this optimistic outlook, a survey by WuBlockchain within the Chinese community reveals that 58% of respondents believe ETH can surge to $10,000 or more in the current market cycle.
Crypto investors widely anticipate significant institutional demand for Ethereum (ETH) in the coming weeks. In anticipation of this influx, large Ethereum investors have been making substantial purchases since the ETF approval announcement.
A Santiment chart reveals real-time changes in the balances of ETH coins held by the top 1,000 largest wallets. On May 19, these top investors collectively held 76.01 million ETH. Following the news from Bloomberg analysts on May 20 about the SEC’s impending approval of ETH ETFs, these “whales” increased their buying activity. As of May 26, the top 1,000 Ethereum wallets now hold 76.52 million ETH, indicating an acquisition of 510,000 ETH in just five days.
Conclusion
The Ethereum market is experiencing a bullish momentum as anticipation builds for the upcoming spot Ether ETFs. With significant institutional demand expected and large investors already making substantial purchases, ETH is poised for a potential breakout above $4,000. Analysts and market participants are optimistic about Ethereum’s price trajectory, with predictions of reaching $4,500 before the ETFs go live and even higher targets in the long term.
