Following the approval of 11 spot Bitcoin ETFs in the US, attention has turned to the largest altcoin, Ethereum (ETH). Bloomberg ETF analyst Eric Balchunas sees a 70% chance of approval for a spot Ethereum ETF in May, and investors have begun to buy into this expectation. With this anticipation, ETH’s price has risen above $2,500, and while it’s uncertain how the price will trend, leading crypto analyst Michael van de Poppe has pointed to $3,500.
Ethereum Expected to Surpass the $3,500 Level
Experienced crypto analyst Michael van de Poppe, from his personal Twitter account, made a notable analysis for Ethereum’s native asset, Ether (ETH), the largest smart contract network. The analyst noted on the shared ETH chart, “Ethereum has passed the critical level of $2,130 to rise. After this, there will be a breakout towards the highest levels of the new cycle from $2,700, with a chance to rise to $3,500 in the next 2-3 months.”
Looking at the price chart shared by the analyst, it appears that the first critical level for ETH is around $3,100. According to van de Poppe’s expectations, if the largest altcoin surpasses this level, it could rise to as much as $3,574.
The target level of $3,500 given by the analyst corresponds to a significant signal of a rise of about 35% from the current prices.
Current Status of ETH Price
ETH has made a significant rise by unexpectedly turning upwards following the US Securities and Exchange Commission’s (SEC) green light for 11 spot Bitcoin ETFs on January 10th. Along with the rise in ETH, a serious recovery was seen in all Ethereum betas such as LDO, ARB, OP, RSTK.
With current data, ETH is trading at $2,614, up a modest 0.06% in the last 24 hours. It is worth noting that the altcoin king has risen by 15.35% in the last 7 days and by 17.42% in the last 30 days.
