Ethereum Price Forecast: Will ETH Break The $3k Mark?
Ethereum price is surging high heading towards the $3k mark and the credit goes to the upcoming Ethereum ETF. Spot Ethereum ETF will probably approved in May 2024 by the US SEC. The crypto market is excited about the ETF and it could be observed in the price trend also.
The Securities and Exchange Commission’s (SEC) approval of the Spot Bitcoin ETF turned out to be successful and brought an enormous amount of institutional capital into the cryptocurrency. Moreover, the ETF ignited the BTC and pushed it to a new two-year high.
However, the market is expecting the same with Ethereum and is excited about its Spot ETF approval by the US SEC.
Analysts are also positive about the upcoming Spot ETH ETF. According to Bloomberg ETF analyst James Seyffart, both companies have amended their filings for the exchange-traded product. Additionally, Standard Chartered Bank has predicted that the US SEC will allow exchange-traded funds to hold Ethereum as early as May 2024, which could lead to a peak in Ethereum prices of up to $4,000 by that time.
Source: Twitter
Will Ethereum Price Reach $3000 Mark?
Source: Tradingview
As per the trading view data at the time of writing the Ethereum price is $2773.0 with an intraday drop of 1.09% showing a mild bearishness during the intraday session.
The Ethereum price is surging high by making a higher high structure demonstrating the bullishness on the daily techniacl chart.
This week the ETH price rose by almost 11.49% showing the bull’s dominance. The price is trading far above the key EMAs, and the RSI curve is also in the bullish territory at 72.66.
Ethereum price already crossed its key resistance levels and achieved its 2024 peak of $2867 recently. Now it is heading towards the $3000 level and will achieve it soon. Ethereum price will continue the bullish rally in the upcoming sessions.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
