Markets
Ethereum ETF Hype Fuels Major Market Rally
Crypto Price Prediction: The crypto market saw one of its biggest surges in 2024 on Monday, fueled by anticipation surrounding Ethereum’s first spot ETF. The probability of Ethereum ETF approvals have increased, following a directive from the United States Securities and Exchange Commission (SEC) requiring exchanges to accelerate the updating of 19B-4 Documents on these ETFs.
This regulatory push has built confidence in the market, potentially paving the way for Ethereum ETFs to enter the traditional financial ecosystem.
Over the past 24 hours, several altcoins have seen remarkable increases, with Ethereum (ETH), Uniswap (UNI), Pepe (PEPE), Bonk (BONK), and Lido (LDO) all increasing by over 20%. The momentum was so strong that even Bitcoin (BTC) notably rose to $71,400 – its highest level in six weeks.
Read also: Altcoins in Ethereum Ecosystem Rally 20%, Bull Ahead?
1) Ethereum (ETH)
Ethereum (ETH) is a decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). The ability to support a wide range of applications and its continued evolution make Ethereum a cornerstone of the blockchain and cryptocurrency space.
Ethereum (ETH)| Commercial view
On May 20, the ETH Price saw a massive inflow that propelled its value from $3,050 to $3,690, recording a 20% jump. Excitement over the potential approval of the Ethereum ETF is seen as the main catalyst for this push.
In the midst of this recovery, the Ether price broke through the resistance trendline of a 10-week channel pattern, signaling the end of the previous correction trend. The 1.24% rise today adds a fitting follow-up to the recent breakout and pushed the ETH price to $3,720.
Currently, the Ethereum coin represents a market size of $445.5 billion, while the 24-hour trading volume stands at $39.7 billion.
According to the technical chart, this rising altcoin could face a general bid of $3,730, followed by $4,090, while key support oscillates at $3,300 and $3,000.
Read also: Ethereum Price: Whale Moves $46M worth of ETH Amid Price Rise, What’s Next?
2) Lido DAO (LDO)
Lido 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, thereby providing liquidity and maximizing returns.
Amid the previous consolidation trend in the crypto market, LDO price showed notable resilience above the psychological support of $1.5. The coin’s price bounced twice from this support in five weeks and revealed the formation of a double bottom.
Supported by the reversal trend and the recent rise of the Ethereum token, LDO price surged over 10% today and gave a bullish breakout from $2.24. The recovery drove the market capitalization of Lido Dao coins to $2.043, recording a 30% jump in the last 24 hours.
If the chart pattern holds, buyers are expected to lead a rally up to the $3 mark, followed by $3.76.
Read also: Ethereum (ETH) Price Targets $4,000 as Chances of Spot Ether ETF Improve
3) Pepe Coin (PEPE)
Pepe’s piece (PEPE) is a meme-based cryptocurrency inspired by the popular internet character, Pepe the Frog. Over the five weeks, the coin saw a steady recovery, as evidenced by the formation of new higher lows connected by an ascending trendline.
Pepe Coin (PEPE)| Commercial view
This positive turnaround propelled the PEPE Price from $0.00000393 to $0.00001145, recording a growth of 191%. A recent reversal of the support trendline indicates that buyers continue to accumulate this asset during occasional market dips.
If the bullish momentum holds, Pepe price will challenge overhead resistances at $0.0000136, followed by $0.0000165.
On the contrary, if sellers cross the lower trendline, memecoin could see a correction up to the $0.000006 mark.
Read also: Pepe Coin Trader Who Made 107,000x Profits Focuses On This Coin
Key to remember
The potential approval of the Spot Ethereum ETF has triggered substantial market activity, leading to impressive gains across various cryptocurrencies. The crypto community has long been waiting for such 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 sustainable recovery in the altcoin market, fueled by the anticipated launch of the ETH ETF.
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