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BTC and altcoins performed quite well today, with Bitcoin setting a new record at $72,800. Market optimism is bolstered by ETF support, the upcoming halving, and interest rate cuts. Meanwhile, Ethereum (ETH), the largest altcoin by market value, also surpassed the $4,000 mark on the Binance exchange.
Ethereum (ETH)
Dencun upgrade is just hours away, fueling the excitement around Ethereum. Along with positive volatility in the BTC price, the ETH price has left the $4,000 mark behind. At the time of writing, the price was at $4,048. Additionally, the final decision for spot Ethereum ETFs will be made in May.
On the other hand, predictions for the approval of the ETH ETF are still at 36%. Moreover, in the SEC questions that need to be answered for this ETF, we see concerns about the risk of the staking structure turning it into a security and centralization worries. The SEC says that if staking becomes centralized in the hands of a few large companies or groups, it could have negative consequences for investors.
Furthermore, according to Fox Business reporter Eleanor Terrett, especially for critics like Senator Elizabeth Warren who have not yet come to terms with a Bitcoin ETF, the approval of the more risky and volatile Ether seems unlikely. Eleanor stated;
“Influential crypto-opposing politicians like Senator Warren are already angry with the SEC for initially approving Bitcoin ETFs and are opposing the same for Ethereum ETFs.”
On May 23, the SEC will put an end to all these discussions and will make its final decision on spot Ethereum ETFs, including those whose time may not have come yet.
ETH Price Prediction
On March 5, ETH dropped to 0.052 in BTC parity but is now trying to maintain 0.055 as support. Investors are hoping for a breakout due to the long period of weak performance against BTC. This would be possible with closes above the parallel channel resistance of 0.058BTC.
Against the dollar, however, the scenario we have expressed several times in the last quarter of the past year is unfolding. The steadily rising ETF price may have started the hoped-for comeback.
If we see strong closes above $4,126, this rally could accelerate further to $4,800.
