While pulling back a little on Tuesday after nearly touching $4,000 on Monday, the Ethereum (ETH) price looks likely to continue trending to the upside, as the crypto continues to benefit from tailwinds relating to last week’s SEC approval of Ethereum ETFs.
The Ethereum price was last around $3,850, down around 1% on Tuesday. Crypto markets took a modest knock on jitters regarding some Bitcoin wallet movements relating to Mt Gox.
But things for Ethereum continue to look good. Last week’s Ethereum ETF approval from the SEC was a historic moment for the crypto.
The SEC officially approved the Ethereum ETF pic.twitter.com/p2edJ0mNoJ
— Vet (@Vet_X0) May 23, 2024
Once launched, these ETFs will give investors an easy way to gain ETH exposure and benefit from Ethereum price appreciation.
The blockbuster success of Bitcoin ETF launched earlier this year suggests Ethereum ETFs should also attract solid demand.
Bernstein said in a note on Tuesday that they expect Bitcoin and Ether ETF will grow to a market cap of $450 billion in the next few years, amid inflows of $100 billion into crypto ETFs in the next 18-24 months.
JUST IN : Bernstein Research is predicting significant growth in the #Bitcoin ($BTC) and #Ethereum ($ETH) ETF markets, with an expectation that the total market could reach $450 billion in the next two years. This forecast is based on anticipated inflows of over $100 billion into…
— Crypto News Updates (@CryptoNewsUpd8s) May 28, 2024
Unlike Bitcoin, Ethereum is yet to hit new record highs this bull cycle. Indeed, the Ethereum price remains 21% below its 2021 record highs, as per CoinMarketCap.
By comparison, Bitcoin is just 8% below the record highs it hit earlier this year.
Much of this underperformance was due to “regulatory uncertainty”. Back in March, investors lost faith that Ethereum ETFs would be approved in the US.
And it was reported/feared that the SEC was campaigning to have Ethereum labeled as a security.
Arguably then, the alleviation of this regulatory uncertainty following ETF approvals is yet to be fully priced in.
There is plenty of scope for a catch-up trade, or period of outperformance relative to Bitcoin.
As upside risks to the Ethereum price grow, it could be the best crypto to buy now. Here is the next key level to watch.
Ethereum Price Prediction – Here Is The Next Key Level to Watch
The next obvious target for the Ethereum bulls is a retest of the 2024 highs near $4,100.
The next bullish Ethereum price target is its 2024 highs near $4,100. Source: TradingView
This will be a major resistance zone. But once sell pressure in this area is snapped, the door will open to a sustained rise back to 2021 highs near $4,900.
Indeed, there isn’t much by way of technical resistance to block a rally back to Ethereum’s prior peaks.
Once the Ethereum price busts through its prior highs, the crypto will enter into a phase of price discovery.
During its 2020-2022 bull run, the Ethereum price was able to hit the 3.618 Fibonacci extension level from its 2018 highs near $1,400 back to its 2018 lows under $80.
In 2021, the Ethereum price hit the 3.618 Fibonacci extension level from its 2018 bull market highs back to its 2018 bear market lows. Source: Cryptonews
If the Ethereum price can repeat that feat this time around, it could it nearly $15,500.
Alternatively, if it is “only” able to reach the 2.618 Fibonacci extension beyond its 2021 record highs from the 2022 lows, that would mean reaching above $11,000.
Ethereum Alternative to Consider – New Meme Coin Wiener AI (WAI)
Ethereum could be shaping up for 2.5-4x gains. But many crypto investors will be hunting much bigger upside.
These investors often turn to the meme coin market as they hunt 100x returns.
But meme coin markets are risky, given the prevalence of scams. Reality TV star and former Olympic athlete Caitlyn Jenner was recently “scammed” following the release of her JENNER memecoin Sunday.
Experts at Cryptonews thus spend a lot of time combing through the presale market and looking for promising tokens.
And they are big fans of a fun new sausage dog-themed AI meme coin called Wiener AI (WAI).
Watch the below video to see why Cryptonews.com’s in-house presale analyst thinks this meme coin has the potential to 100x.
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