Ethereum Approaches $4,000 As Market Awaits Launch Of Ethereum ETFs
The price of Ethereum (ETH) is surging towards the $4,000 mark, just days after the approval of eight Ethereum ETFs and ahead of their imminent launch.
In the past 24 hours, Ethereum (ETH) has climbed to $3,932, marking an increase of approximately 3.4% and a 35% increase over the last two weeks. The last time it surpassed $4,000 was in March.
The price movement may be influenced by pro-crypto comments made over the weekend by former President and current leading Republican candidate for 2024, Donald Trump, according to QCP Capital.
Trump has expressed his clearest support for Ethereum in a post on Truth Social, “I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry.”
QCP Capital also noted that today’s price action suggests that market participants are showing bullishness in Ethereum rather than Bitcoin, particularly with the potential institutional demand once the ETH spot ETF starts trading. In addition, QCP Capital doesn’t anticipate a major breakout until there is more clarity on the S-1 approvals and some inflow data, which should come in due time.
Meanwhile, SynFutures’ CEO, Rachel Lin believes that the approval of spot Ethereum ETFs last week is expected to trigger a price rally.
In a commentary published after the funds’ approval on Thursday, Lin predicted that Ethereum could reach between $15,000 and $22,500 this cycle. The high-end estimate implies a 503% increase from the current price of around $3,890.
Lin emphasizes that the ETH ETF approval is one of the most significant bullish events for Ethereum and the entire ecosystem. She added that even if the ETH ETF does not gain as much traction as Bitcoin in the initial weeks and months, it will still likely attract a staggeringly large amount of capital in the long run.
At press time, Ethereum is trading at $3,727.01, with a 24-hour trading volume of $16.72 billion and total market cap of $448.05 billion.
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