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Ethereum's price target has climbed to $4,000, reflecting market momentum. Meanwhile, altcoins have gained 20%, contributing to the market rally.
SEC Decision Could Propel Ethereum Price Beyond $4,000
On Monday, the U.S. SEC compelled the issuer to amend their 19b-4 filings regarding the spot Ethereum ETF. Market analysts were not optimistic about the SEC's approval of a spot Ethereum ETF until last weekend. This was precisely because the SEC and issuers failed to communicate.
ETH has been on a rapid upward trajectory, accumulating weekly gains above 25%. The daily transaction volume of ETH has also surged, increasing by an astonishing 264 percent, surpassing 36.24 billion. These numbers reflect the growing momentum and potential of the market.
Coingape states that the initial verdict regarding the VanEck spot Ethereum ETF is anticipated by Thursday, May 23rd. Any favorable development has the potential to push the price of Ethereum up above $4,000.
Altcoins Gain 20% as Market Rally Strengthens
Major altcoins have also been riding the recent market rally. In the last 24 hours, tokens like $UNI, $PEPE, $BONK, and $LDO have all gained more than 20%. Meanwhile, the market gain has overshadowed Bitcoin's rise to $71,400 for the first time in six weeks.
The cryptocurrency market has increased by an astounding 8.5% in the last day, surpassing $2.6 trillion, and daily trade volumes have risen by 140%.
Altcoins are back in the game after nearly a month of sideways consolidation. According to well-known crypto market expert Michael van de Poppe, altcoins have already hit bottom.
The next few weeks are likely to be very important, especially since the launch of the Ethereum ETF is due next week. Van de Poppe says these events might start an exciting time for the Bitcoin market.
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