The price of Ethereum has climbed almost 67% since the start of 2024, driven by a series of favorable developments. The SEC's approval of Ethereum spot ETFs, as well as major updates to its network, have boosted investor appetite for this flagship crypto.
Ethereum, a safe bet in 2024!
The year 2024 looks set to be a very promising one for Ethereum. The second crypto in terms of market capitalization is already showing a significant increase in its price, of around 67% since January. This surge can be explained in particular by the highly anticipated approval of Ethereum spot ETFs by the American stock market watchdog, the SEC, on May 23.
On the technical plan, the scenario seems particularly promising for crypto. The bullish crossing of the historic descending wedge at the end of May, accompanied by renewed activity, opened the way to an intermediate target located around $4,250 by the end of June, representing an additional upside potential of 12.65 %.
Several analysts believe that a powerful, large-scale bullish movement could take place for altcoins. Its outcome could thus propel Ethereum to around $6,000 by early July, a very tempting prospect for investors.
Growing institutional interest in the second crypto
According to data from the analytics platform Santiment, the largest market whales significantly strengthened their positions on Ethereum from May 20, when the first rumors about ETF validation emerged.
Institutional investors, represented by these entities with the largest reserves (10 to 100 million ETH), seem to have anticipated this movement. Their held supply has recently increased by around 0.5%, a sign of renewed appetite.
At the same time, Ethereum reserves on exchanges have declined significantly, reflecting an increased desire of holders to secure their assets outside of centralized platforms.
In short, driven by favorable regulatory and technical developments, Ethereum seems well on its way to continuing its impressive upward trajectory over the coming weeks. The road to $4,000, or even beyond, remains wide open for this now essential crypto.
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