Ethereum
Will ETH Price Reach a New ATH by the End of May?
With the growing speculations about the approval of the Ethereum ETF by the Securities and Exchange Commission (SEC), the price of ETH recorded a massive jump of 19.26% in the last day with an increase of 243 .69% of its transaction volume.
In addition, the market leader, BTC Priceadded 7.12% with a 130% jump in its trading volume during the first hours of trading today, which allowed it to successfully reclaim the $72,000 mark.
Will ETH Price Hit a New All Time High (ATH) in May? With the potential approval of the Spot Ethereum ETF? Dive in because, in this article, we have covered the in-depth analysis and possible targets for Ethereum price.
The Ethereum token exits the channel model:
THE Ethereum Price successfully broke out of the declining channel trend after social sentiments recorded a significant increase in the pending approval of the spot ETF. This allowed the ETH token to register a breakout rally during the 1D timeframe after trading in a negative trend since mid-March.
TradingView: ETH/USDT
Positively, the altcoin leader, ETH Price, recorded the largest increase in the last 36 months, adding around 20% in the last 24 hours. This further indicates a strong bullish reversal in the crypto market.
With increased buying sentiment and a fresh influx of funds into the crypto market, the Ethereum token has surpassed the $3,650 mark following the recent price surge.
Impact of Ethereum ETFs on the crypto market:
The main reason for the recent market surge is considered to be the sudden increase in speculations over the approval of the Ethereum ETF.
Additionally, regarding spot approval changes, ETF approval increased from 25% to 75% following the increase in 19b-4 filing according to Bloomberg’s report.
With this, the crypto industry is expected to witness significant price action over the coming weeks, with a strong possibility of an AltSeason.
ETH Market Sentiments:
The simple moving average (SMA) shows a bullish rise in the price chart, suggesting a positive outlook for the altcoin in the coming times.
In contrast, the MACD is showing a significant rise, highlighting an increase in buying-on-selling pressure in the crypto space. Additionally, its RSI was oscillating within the overbought range during the 1D timeframe, highlighting the driving power of the crypto market.
Is now the best time to buy Ethereum?
Let’s assume that the market continues to move under bullish influence. In this case, Ethereum price is expected to retest its all-time high of $4,100 this month, given the current market mood.
However, if the Ethereum Spot ETF is approved by the SEC, the altcoin leader will see further price rise in the coming times. With this, ETH price could potentially retest its previous ATH of $4,891.
Conversely, in the event of a rejection, the ETH price will lose momentum and plunge towards its all-time low of $3,000.
Also discover: Fidelity Files Updated S-1 Application for Spot Ethereum ETF Ahead of Looming SEC Deadline