Ethereum (ETH) sees renewed activity from bulls ahead of the launch of spot Ether ETFs in the next two months. Within 24 hours, ETH price rises by 5%, currently trading at $3,957 with a market cap of $469 billion. Daily trading volumes surge by 68% to nearly $17 billion.
Rekt Capital, a leading crypto analyst, suggests that Ethereum needs a weekly close above $3,956 to propel towards the $4,000+ range. Despite forming a lower high, ETH has historically shown strength around the $2,791 level, hinting at a potential move upwards.
Courtesy:Rekt Capital
A weekly close above the designated level is deemed inevitable by Rekt Capital, signaling the resurgence of bullish momentum. This observation underscores the critical thresholds ETH must breach to sustain its upward trajectory.
Founder of DeFiance Capital, Arthur, forecasts ETH to reach $4,500 before the spot ETH ETF trading commences. A survey within the Chinese community echoes this sentiment, with 58% anticipating ETH to surge to $10,000 or beyond in the current market cycle.
Expectations of significant institutional demand for Ethereum drive anticipation among crypto investors. Large ETH investors have been accumulating substantial amounts since the ETF approval news, as evidenced by a Santiment chart tracking the balances of ETH held by the top 1,000 wallets.
Courtesy: Santiment
The top 1,000 Ethereum wallets collectively acquire 510,000 ETH within five days following news of the impending ETH ETF approval, indicating bullish sentiment among whales.
Ethereum's recent price surge, coupled with optimistic predictions and increased institutional interest, suggests a bullish outlook for the cryptocurrency. With anticipation building around the launch of spot Ether ETFs, ETH could be on the brink of a new all-time high.
The US Consumer Price Index (CPI) data for May showed that the inflation rate remained at 0.3%, surpassing market expectations. However, on an annual basis, it decreased from 3.4% in the previous month to 3.3%. This cooling trend has sparked optimism in the market.
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