The price of Ethereum (ETH) is going through the roof as people wait for the Securities and Exchange Commission (SEC) to rule on the Spot ETH ETF. With ETH, often called the “King of altcoins,” going over $3,900, buyers and market watchers feel a lot of hope.
Analysts say this upward trend could push ETH’s price above its current goals. The value of Ethereum, the second-largest cryptocurrency by market capitalization, has increased significantly recently due to reports that ETH spot ETFs might be approved.
Before, experts at Bloomberg thought it was unlikely that ETFs would be approved because of how the US government regulates securities. But recently, things have changed because of what the Biden government has done. Optimism has skyrocketed, and the odds of approval are now thought to be between 65% and 75%.
As a result, Ethereum has seen a remarkable 30.4% rise in the last week, going from just below $3,000 to breaking through the $3,900 barrier level at the time of this report.
Lawmakers Advocate Ethereum ETF
There is still a lot of optimism in the community, and several US politicians have asked SEC Chair Gary Gensler to approve Ethereum ETFs. A group of House members from both parties wrote Gensler a letter urging him to support ETH ETFs and other digital assets.
Lawmakers discussed the possible benefits of digital asset-backed ETFs and stressed the importance of giving buyers safe and clear investment methods. They told the Commission that it should be uniform and fair when reviewing upcoming crypto ETF applications.
As people wait with bated breath for the SEC’s ruling, Ethereum has seen a notable 5.6% rise.
Market experts have used patterns from the past to guess where Ethereum might go. Ethereum has finished a 700-day accumulation phase, similar to past ATH (all-time high) runs. Some experts have significant objectives for this cycle; they think it could go as high as $15,300.
Also, technical analysis shows that Ethereum has broken out of a falling wedge pattern that has been ongoing for several months. It has reclaimed key resistance levels and is now trying the $3,900 range. Some traders are optimistic, but it’s important to remember not to trade too much and to keep a long-term view.
Analysts say that Ethereum’s present path is similar to its path in 2020, which led to the “Alts season” in 2021. As a result, some traders say that the price should go up between $9,000 and $11,000 during this cycle. The SEC is likely to say what it will do about ETH ETFs.
