Published on mei 24, 2024, 12:51 am
Image source: Fox News
```json { "TLDR": "Ethereum price surged 30% in anticipation of potential spot ETH ETF approval by the SEC. U.S. lawmakers and bipartisan efforts are pushing for the approval. Market analysts are optimistic about Ether surpassing $4,000, but warn about volatility and profit-taking risks post-approval." } ```
Ethereum price is on the rise today as traders are positioning themselves optimistically in anticipation of a potential approval for a spot ETH ETF. The cryptocurrency market saw Ether (ETH) surge by an impressive 30% in just the last three days, reaching a peak of $3,947 on May 23.
This significant rally in Ether’s price can be attributed to two primary factors: first, the excitement surrounding the possible approval of a spot Ethereum exchange-traded fund (ETF) in the United States; and second, traders’ speculations that the price of ETH may skyrocket following such an approval.
The entire crypto community is eagerly awaiting the decision of the Securities and Exchange Commission (SEC) regarding the Ethereum ETF. It is speculated that Bloomberg Senior ETF analyst Eric Balchunas anticipates an announcement from the SEC at 4:00 pm ET on May 23, drawing comparisons to previous decisions involving spot Bitcoin ETFs.
In a move pushing for approval, a bipartisan group of U.S. lawmakers recently urged SEC chair Gary Gensler to give the green light to spot Ethereum ETFs. This plea echoes efforts by House members who want the SEC to utilize similar standards as it did when approving spot Bitcoin ETFs earlier this year.
Following closely behind these developments was the passing of the FIT21 crypto bill in the U.S. House of Representatives on May 22. With a majority vote in favor of 208 Republicans and 71 Democrats, while 136 opposed, this bill signifies changing tides within cryptocurrency regulation.
Traders are upbeat about the potential launch of a spot ETH ETF, with Ether’s price inching close to hitting $4,000 on May 23. Market analysts at CryptoBusy noted a surge in Ethereum’s dominance during this period which might herald an awaited altcoin season if this positive momentum continues.
Despite this positive outlook, trader Daan Crypto Trades warned followers about sustained volatility in ETH prices due to leveraged traders experiencing substantial losses recently. The impending decision on the spot ETH ETF launch holds considerable weight over market movements that day.
Looking at technical indicators, particularly focusing on relative strength index (RSI) levels at 71 signifying bullish control over ETH’s price, experts highlight key levels to monitor going forward include $4,000 as well as March 11th’s high at $4,091.
Considering overbought conditions indicated by RSI readings, some caution that an approved spot ETH ETF could trigger profit-taking reactions from bears around the milestone mark of $4,000. Investors are reminded that investment decisions should be based on personal research and analysis due to inherent risks involved with trading and investing activities within cryptocurrencies.
Original article posted by Fox News
