Markets
Ethereum ETF Hype Fuels Major Market Rally
Cryptocurrency Price Prediction: The cryptocurrency market posted one of its most significant rallies in 2024 on Monday, fueled by anticipation for Ethereum’s first spot ETF. The probability of Ethereum ETF approval has increased, following a directive from the U.S. Securities and Exchange Commission (SEC) requiring exchanges to accelerate the updating of Documents 19B-4 on these ETFs.
This regulatory push has instilled confidence in the market, potentially paving the way for Ethereum ETFs to enter the mainstream financial ecosystem.
Over the past 24 hours, several altcoins have seen notable increases, with Ethereum (ETH), Uniswap (UNI), Pepe (PEPE), Bonk (BONK), and Lido (LDO) rising by more than 20%. The momentum was so strong that even Bitcoin (Bitcoin) rose to $71,400, its highest level in six weeks.
Read also: Altcoins from the Ethereum ecosystem up 20%, Bull Run Ahead?
1) Ethereum (ETH)
Ethereum (ETH) is a decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). The ability to support a wide range of applications and its continuous evolution make Ethereum a cornerstone of the blockchain and cryptocurrency space.
Ethereum (ETH)| Tradingview
On May 20th ETH price witnessed a massive inflow that pushed its value from $3,050 to $3,690, registering a 20% jump. Excitement over the potential Ethereum ETF approval is seen as the primary catalyst for this surge.
In the midst of this recovery, the Ether the price violated the resistance trend line of a 10-week channel pattern, signaling the end of the previous correction trend. Today’s 1.24% surge adds a fitting follow-up to the recent breakout and pushed ETH price to $3720.
Currently, the Ethereum coin holds a market size of $445.5 billion, while the 24-hour trading volume stands at $39.7 billion.
According to the technical chart, this rising altcoin could face an overall bid at $3,730, followed by $4,090, while key support falters at $3,300 and $3,000.
Read also: Ethereum Price: Whale Moves $46 Million of ETH Amid Price Rally, What’s Next?
2) Lido DAO (LDO)
Lido DAO (LDO) is a decentralized autonomous organization that offers liquid staking solutions for various blockchain networks. Launched in December 2020, Lido allows users to stake their assets and receive liquid tokens in exchange, which can then be used in other DeFi protocols, providing liquidity and maximizing returns.
In the context of the previous consolidation trend in the cryptocurrency market, the LDO price showed notable resilience above the psychological support of $1.5. The price of the coin bounced off this support twice in five weeks and revealed the formation of a double bottom.
Supported by the reversal pattern and the recent rise of the Ethereum coin, LDO price jumped more than 10% today and gave a bullish breakout from $2.24. The recovery pushed the market capitalization of Lido Dao coins to $2,043, registering a 30% jump in the last 24 hours.
If the chart pattern holds true, buyers should lead a rally to the $3 mark, followed by $3.76.
Read also: Ethereum (ETH) Price Targets $4,000 as Spot Ether ETF Odds Improve
3) Pepe Coin (PEPE)
Pepe Moneta (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme character, Pepe the Frog. Over the course of the five weeks, the coin has witnessed a steady recovery, highlighted by the formation of new higher lows connecting across a rising trend line.
Pepe Coin (PEPE)| Tradingview
This positive trend reversal has pushed the Price PEPPER from $0.00000393 to $0.00001145 recording a growth of 191%. A recent reversal from the support trend line indicates that buyers continue to accumulate this asset during occasional market dips.
If the bullish momentum continues, Pepe price will challenge the resistances at $0.0000136, followed by $0.0000165.
Conversely, if sellers break the lower trend line, the memecoin could witness a correction to the $0.000006 mark.
Read also: Coin trader Pepe who made 107,000 times profits shifts focus to this coin
Key takeaway
The potential approval of the Spot Ethereum ETF has triggered substantial market activity, resulting in impressive gains across various cryptocurrencies. The cryptocurrency community has long been waiting for such institutional-grade financial products, which promise to bring greater credibility and investment to the market. Following the success of the BTC ETF, investors are optimistic about a sustained recovery in the altcoin market, fueled by the early launch of the ETH ETF.
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