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Bitcoin price has rebounded from the $55,000 threshold and had previously approached the $53,000 mark. These movements seem familiar. As BTC continues to reach higher peaks, altcoin investors keep their focus on Ethereum, which has now surpassed $3,200. So, what’s next?
Ethereum Sets New All-Time High
ETH price has soared by a full 38.5% in the last month, surpassing $3,100 for the first time since April 2022. Moreover, this could just be the beginning, as March brought Dencun news and May is expected to bring spot Ether ETF news. These two major developments have the potential to boost investor appetite in the coming days and weeks.
On the other hand, Ethereum is on the verge of reaching a new all-time high (ATH). The size of open positions in futures has exceeded $10 billion, and it only needs a 10% increase to surpass the peak of November 2021. That peak resulted in a 55% price correction, and some investors worry history might repeat itself.
However, the current environment is very different from November 2021, as the trend is bullish, not bearish. Moreover, the excitement brought by spot ETH ETF and other news suggests that even higher peaks are possible.
Will Ethereum Price Continue to Rise?
JPMorgan analysts predict a 50% chance of ETF approval. CEOs like Keyrock’s Kevin de Patoul argue that the transition to Proof of Stake (PoS) has been a significant obstacle at the approval stage, as previously mentioned. They are not prophesying this, of course; the SEC‘s public and expert comment requests also address potential risks associated with the PoS transition.
Projects within the Ethereum ecosystem, such as EigenLayer, which raised $100 million led by Andreessen Horowitz (a16z), support the possibility of a price increase independent of ETF approval expectations. Numerous funds are financially supporting relatively new ventures in the Ethereum ecosystem.
Looking at derivative data, we see that the spot price has reached a 14-month high with balanced entries, without abnormal demand. This suggests that new highs, possibly reaching a short-term target of $4,000, are not out of the question, supported by news flow.
