Sun June 2, 2024 ▪
3
min reading ▪ acc
The price of Ethereum has climbed nearly 67% since the start of 2024, driven by a number of favorable developments. The approval of the Ethereum spot ETF by the SEC, as well as major updates to its network, have increased investor appetite for this flagship cryptocurrency.
Ethereum, a safe bet in 2024!
2024 seems to be a very promising year for Ethereum. The second cryptocurrency in terms of market capitalization is already showing a significant increase in its price, roughly 67% since January. This increase can be explained mainly by the much-anticipated approval of the Ethereum spot ETF by the US Securities and Exchange Commission, the SEC, on the 23rd.
On a technical level, the scenario looks particularly promising for cryptocurrencies. A bullish breakout of the historical bearish wedge at the end of May, accompanied by renewed activity, has opened the way to an interim target located around $4,250 by the end of June, representing an additional upside potential of 12.65%.
Several analysts believe that altcoins could be in for a strong bullish move on a large scale. Its result could thus push Ethereum to around $6,000 by the beginning of July, which is a very attractive prospect for investors.
Growing institutional interest in a second cryptocurrency
According to data from analytics platform Santiment, the biggest market whales have significantly strengthened their Ethereum positions since May 20, when the first rumors of the ETF’s validation appeared.
Institutional investors, represented by those entities with the largest reserves (10 to 100 million ETH), seem to have anticipated this move. Their supply held recently increased by around 0.5%, a sign of renewed appetite.
At the same time, Ethereum reserves on exchanges have significantly decreased, reflecting an increased desire among holders to secure their assets outside of centralized platforms.
In summary, thanks to favorable regulatory and technical developments, Ethereum appears to be on track to continue its impressive upward trajectory in the coming weeks. The path to $4,000 or beyond remains open for this now essential cryptocurrency.
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I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.