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Will Ethereum Hit $4000 Amidst Approval Hurdles for ETH ETFs?

Key Takeaways
  • The anticipation for the approval of Ethereum ETFs is gaining momentum, drawing everyone's attention to the Ethereum market.
  • In the past 24 hours, the price of Ethereum has surged by 19%, currently trading at $3,678.
  • The price of Ethereum could continue to rise, potentially reaching the $4,000 level soon.
21-May-2024 By: Supriya Raje
Will Ethereum Hit $4

ETH price increased due to speculation about ETF approvals

The second-largest Cryptocurrency in the crypto market, Ethereum, has been garnering attention lately due to the accelerated speculation regarding the imminent approval of Ethereum ETFs. Recently, the Securities and Exchange Commission (SEC) has instructed exchanges to update their 19B-4 filings for their Spot Ethereum ETFs. The SEC is urging exchanges interested in Ethereum ETFs to update their filings, indicating that the SEC may soon move forward with approving ETF applications.

This is significant news for Ethereum, signaling its potential to follow in the footsteps of Bitcoin and establish its own ETF. However, before ETFs go live, applicants must also have their S-1 applications approved. The approval process for Ethereum ETFs is progressing rapidly, suggesting that we may soon witness Ethereum ETFs in the market. Some market experts even speculate that Ethereum ETF approval could happen as early as this month.

Ethereum Price Surged

The news of Ethereum ETF approval has had an impact on Ethereum, leading to a significant surge. In the last 24 hours, Ethereum's price has risen by 19%, currently trading at $3,678, with a market cap of $443 billion. Additionally, ETH has increased its weekly gains by over 25%. On the other hand, daily trading volume for ETH has also surged by more than 264%, surpassing $36.24 billion.

The first decision on the VanEck spot Ethereum ETF is expected by Thursday, May 23rd. Thus, we can expect price fluctuations to continue. Any positive developments could push Ethereum's price above $4,000 and beyond.

Ethereum Whales have become Active

Due to the price surge in Ethereum, Ethereum whales have also become active. In the past 24 hours, Ethereum whales have purchased 110,000 ETH worth $341 million. Additionally, despite a strong rally in Bitcoin, the ETH/BTC pair is experiencing rapid growth. As a result, some market players have started exchanging their Bitcoin for Ethereum. Despite observing Ethereum whale activity, it is speculated that the price of Ethereum may continue to rise, potentially reaching the $4,000 level easily.

Also Read:- Bitcoin's Ascent: How Close Is It to Becoming the Ultimate Asset?

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