ETH Explodes Toward $4,000 As ETF Deadline Nears – Time To Buy?

Last updated: May 22, 2024 at 8:00 a.m. EDT | 3 minutes of reading

ETH is up 2% in the last 24 hours, with the price of Ethereum surpassing $3,700 on a day when the crypto market as a whole is fundamentally stable.

This price gives ETH a 29% gain in a week and a 17% increase in a month, with the altcoin up 105% over the past year.

And what boosted Ethereum this week was the news that the SEC could approve several spot ETH ETFs tomorrow, after the regulator asked applicants to resubmit some filings.

If the SEC approves ETFs, we will likely see the price of Ethereum continue its upward trajectory for several days or even weeks.

Ethereum Price Prediction May 22: ETH Explodes Toward $4,000 As ETF Deadline Nears – Time To Buy?

The ETH price chart shows that the coin could correct a bit today, although good news tomorrow could push it back up.

Its indicators have weakened slightly, with the coin’s Relative Strength Index (purple) falling from 90 late Monday night/early Tuesday morning to around 55 today.

Source: TradingView

At the same time, it appears that the ETH price is about to fall below its 30-day average (orange), which is stabilizing in a sign of slowing.

Yet such a loss of momentum could be temporary, with ETH’s 24-hour volume still very high today at $32 billion.

This indicates continued strong interest in the token, which awaits tomorrow’s deadline for several spot-based ETH ETFs.

Of course, investors should be aware that traders and whales will use any spike as an opportunity to dump their holdings, so we may not see a consistent rally in the event of SEC approvals .

Yet as we saw it this year with Bitcointhe approval of ETH ETFs will serve as an important catalyst for the expansion of the Ethereum market.

Massive volume could flow into ETH in the weeks and months following approval, potentially pushing its price beyond $4,000.

And assuming the Fed cuts rates later in the year, the market as a whole will become more optimistic, further increasing the price of Ethereum.

Indeed, this morning saw UK announces official inflation rate fell to 2.3% in Aprilwhich is very close to the Bank of England’s target rate of 2%.

Assuming something similar happens in the US, we could definitely see rate cuts soon, which would help the price of Ethereum.

Alternative Altcoins for Big Rallies

ETH may be one of the most profitable coins on the market, but traders looking to diversify their portfolios would do well to consider small-cap tokens as well.

Several new coins are currently organizing their pre-sales, which allows them to create momentum and attract supporters before being listed on the stock exchange.

One of the most interesting of them WienerAI (WAI), a new cryptocurrency based on Ethereum which has now raised $2.5 million during its pre-sale.

Not only a meme token based on Ethereum and BNB, WienerAI is also an AI-based trading bot that can answer trade-related questions and offer investment advice.

In particular, it can identify coins with high potential before they make big moves, helping traders and investors stay ahead of the curve.

Helpful in this regard is its atomic swap feature, which allows users to directly trade coins through the app.

It also offers industry-leading protection, helping traders avoid arbitrage bots.

All of this provides WAI with plenty of utility as a token, meaning it should see increasing demand as WienerAI becomes more popular.

It will have a maximum supply of 69 billion tokens, with its utility also enhanced by the ability to stake it.

Investors can participate in its sale by going to the official website of WienerAI and connect their wallets.

The coin is currently selling for $0.000709, a price that will gradually increase with each stage of the sale.

And once the sale is completed, it will hold its airdrop for buyers and then get listed on the stock exchange.

Buy WAI today

Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.

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