Ethereum
Ethereum Hype Boosts Crypto Rally as VanEck Projects $22,000 ETH Price Target
Investor sentiment on Ethereum has turned bullish after the SEC granted initial approval to spot ETH ETFs.
Crypto markets climbed Thursday morning amid bullish sentiment around Ethereum and anticipation of a key U.S. jobs report.
Leading the rally, Bitcoin surpassed $71,000, Ethereum rose 1.3%, and Solana remained flat. Polkadot’s native DOT token rose 1%, according to CoinGecko data.
VanEck Raises Ether Price Target
Ethereum ETF issuer VanEck has raised its price target for Ethereum, forecasting that the world’s second-largest cryptocurrency could reach $22,000 by 2030.
In a blog from June 5 jobMatthew Sigel, VanEck’s head of digital assets research, increased his projections for Ether for 2030 from $11,800 last year.
“We anticipate that ether spot ETFs are close to being allowed to trade on US exchanges,” the analyst said. “This development would allow financial advisors and institutional investors to hold this unique asset…and benefit from the pricing and liquidity advantages characteristic of ETFs.” »
Sigel’s projection is based on $66 billion in free cash flow generated by Ethereum.
ETH flows continue
Ethereum experienced a “turnaround in sentiment” after the United States Securities and Exchange Commission (SEC) approved Form 19b-4. According to Coin SharesEthereum saw $33.5 million in inflows for the week ending May 31.
The reversal comes after Ethereum experienced a 10-week streak of outflows totaling $200 million.
In terms of Ethereum futures open interest (OI), data from CoinGlass shows increase following SEC approval of Ether ETFs. As of May 23, open positions totaled approximately $15 billion. As of today, open interest in Ethereum futures stands at $17.09 billion, an increase of 13.2%.
Wall Street eyes upcoming US jobs report
Investors are now eagerly awaiting Friday’s nonfarm payrolls report for May.
This anticipation follows the European Central Bank’s decision to cut interest rates on Thursday for the first time since 2019. The jobs data is likely to influence the Federal Reserve’s next policy decision, although the Most expectations lean toward maintaining current rates.
U.S. stocks were relatively flat on Thursday. The Dow Jones Industrial Average edged up 0.12%, while the S&P 500 and Nasdaq Composite were flat.