Markets
Ethereum ETF Hype Fuels Big Market Rally
Crypto Price Prediction: On Monday, the crypto market experienced one of its most significant surges in 2024, fueled by anticipation surrounding Ethereum’s first spot ETF. The probability of Ethereum ETF approval receipt has increased, following a U.S. Securities and Exchange Commission (SEC) directive that requires exchanges to expedite updating Documents 19B-4 in these ETFs.
This regulatory push has instilled confidence in the market, potentially paving the way for Ethereum ETFs to enter the mainstream financial ecosystem.
In the last 24 hours, several altcoins have seen notable increases, with Ethereum (ETH), Uniswap (UNI), Pepe (PEPE), Bonk (BONK), and Lido (LDO) rising more than 20%. The momentum has been so strong that even Bitcoin (Bitcoin) notably rose to $71,400 – its highest level in six weeks.
Read too: Ethereum Ecosystem Altcoins Recover by 20%, Bull Run Ahead?
1) Ethereum (ETH)
Ethereum (ETH) is a decentralized platform that allows the creation and execution of smart contracts and decentralized applications (dApps). The ability to support a wide range of applications and its continuous evolution make Ethereum a cornerstone of the blockchain and cryptocurrency space.
Ethereum (ETH)| Trading view
On May 20th, Ethereum Price witnessed a massive inflow that boosted its value from $3,050 to $3,690, recording a 20% jump. The excitement surrounding the potential approval of the Ethereum ETF is seen as the main catalyst for this surge.
In the midst of this rise, the Ether the price broke the resistance trendline of a 10-week channel pattern, signaling the end of the previous correction trend. The 1.24% increase today adds a suitable follow-up to the recent breakout and pushed the ETH price towards $3,720.
Currently, Ethereum coin holds a market share of $445.5 billion, while the 24-hour trading volume is $39.7 billion.
According to the technical chart, this rising altcoin may face an indirect bid at $3,730, followed by $4,090, while key support hovers at $3,300 and $3,000.
Read too: Ethereum Price: Whale moves $46 million in ETH amid price surge, what’s next?
2) Lido DAO (LDO)
Read DAO (LDO) is a decentralized autonomous organization that offers liquid staking solutions for various blockchain networks. Launched in December 2020, Lido allows users to stake their assets and receive liquid tokens in return, which can then be used in other DeFi protocols, providing liquidity and maximizing returns.
Amid the previous trend of consolidation in the crypto market, LDO price has shown remarkable resilience above the psychological support of $1.5. The coin price recovered twice from this support in five weeks and revealed the formation of a double bottom.
Driven by the reversal pattern and the recent surge in Ethereum coin, LDO price jumped more than 10% today and made a bullish breakout of $2.24. The recovery took the market value of the Lido Dao coin to $2,043, registering a 30% jump in the last 24 hours.
If the chart pattern holds true, buyers should drive a rally to the $3 mark, followed by $3.76.
Read too: Ethereum (ETH) Price Targets $4,000 as Spot Ether ETF Odds Improve
3) Pepe Currency (PEPE)
Pepê Currency (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme character Pepe the Frog. Over the five weeks, the coin witnessed a steady recovery, evidenced by the formation of new higher lows, connecting through an ascending trendline.
Pepe Currency (PEPE) | Trading view
This positive turnaround boosted the PEPE Price from US$0.00000393 to US$0.00001145, registering a growth of 191%. A recent reversal of the support trendline indicates that buyers continue to accumulate this asset on occasion of market declines.
If the bullish momentum sustains, Pepe price will challenge the general resistances at $0.0000136, followed by $0.0000165.
On the other hand, if the sellers break the lower trendline, memecoin could witness a correction towards the $0.000006 mark.
Read too: Pepe Coin Trader who made 107,000x profit shifts focus to this coin
Main advantage
The potential approval of the Spot Ethereum ETF has triggered substantial market activity, resulting in impressive gains across several cryptocurrencies. The crypto community has long awaited these institutional-grade financial products, which promise to bring more credibility and investment to the market. Following the success of the BTC ETF, investors are optimistic about a sustained recovery in the altcoin market, driven by the anticipated launch of the ETH ETF.
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