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Ethereum (ETH) price has surged by 5% to $3,957, approaching the $4,000 mark. The recent rise in institutional interest and the anticipated launch of spot ETF trading have contributed to this bullish market sentiment.
Ethereum Community Drives 5% Price Surge as Spot ETF Trading Approaches, Nearing $4,000
The Ethereum community, driven by their enthusiasm, has played a pivotal role in the market recovery in the two months leading up to the spot Ether ETFs' entry into trading. Their efforts have contributed to a 5% Ethereum (ETH) price recovery over the past twenty-four hours. According to CoinGape, it is currently trading at $3,957, with a market capitalization of $469 billion. The daily Ethereum transaction volumes have also surged by 68% to nearly $17 billion.
Rekt Capital, a respected crypto analyst, has made a significant prediction for Ethereum (ETH). According to him, for Ethereum to enter the $ 4000+ range, it needs to conclude the week above $3956. Despite the current establishment of a lower high, Ethereum has shown promising activity near the $2791 threshold, a potential precursor to an upward trend returning to around $4000.
According to Rekt Capital, a weekly close above the orange box level is an absolute certainty and will confirm that the bulls have reestablished their momentum. The analyst's observations underscore the pivotal thresholds that ETH must exceed to sustain its upward trend.
The ETH price briefly consolidated following last week's announcement of the spot Ether ETF before resuming its recent uptrend. The hearty 27% increase in Ethereum's value on the weekly chart indicates a robust uptrend ahead.
Defiance Capital's Arthur Predicts $4,500 for Ethereum Before ETF Trading, Chinese Investors Eye $10,000
Arthur, the progenitor of DeFiance Capital, forecasts that the price of Ethereum (ETH) will attain $4,500 before the initiation of spot ETH ETF trading. From this optimistic perspective, 58% of Chinese community respondents surveyed by WuBlockchain think that ETH could reach or surpass $10,000 during the current market cycle.
Crypto investors anticipate significant institutional demand for Ethereum (ETH) in the coming weeks. Since the announcement of ETF approval, significant Ethereum investors have been making substantial purchases in anticipation of this influx.
The Sentiment chart displays instantaneous fluctuations in the ETH coin holdings of the one thousand most excellent wallets. Collectively, these leading investors held 76.01 million ETH on May 19. After Bloomberg analysts reported on May 20 that the SEC was nearing approval of ETH ETFs, these "whales" increased their purchasing activity. The top 1,000 Ethereum wallets currently possess 76.52 million ETH as of May 26. This represents a five-day accumulation of 510,000 ETH.
Photo: Microsoft Bing
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