Ethereum Price Prediction: $10,000 ETH Potential Before ETF Decision Deadline?
The SEC requested updated paperwork from Ethereum ETF applicants before Thursday, driving the price up to $3,657.
Analysts expect the SEC to approve ETH ETFs this week, making Ethereum the second cryptocurrency after BTC to offer spot-based ETFs in the US.
This news has helped ETH gain 18% in 24 hours, 25% in a week, and 15% in a month.
The coin's 100% year-to-date return and ETF approvals might lead to significant rallies soon.
In the last 12 hours, ETH's price and indications have gone over the roof.
Today, its relative strength index (purple) crossed 90, indicating momentum. It is still at 80.
The 30-day average (orange) is also significantly above its 200-day (blue), indicating that ETH has entered an expansionary period and still has room to rise.
Volume has increased to $36 billion from $7.5 billion a day earlier, which is encouraging.
The cryptocurrency is certainly popular, with traders and investors wanting to get into ETH before any spot-based ETF is approved.
Due to the SEC's request to hastily refile before a deadline, sources say approvals might come this week.
Some believe approvals will occur on Thursday, May 23, due to the request for “accelerated” refilling.
ETH is anticipated to climb till this date.
While the cryptocurrency market tends to favour ‘buy the rumor, sell the news’, spot-based ETH ETFs will boost Ethereum prices in the medium and long run.
In February and early March, institutions joined the ETF bandwagon that started in January, affecting Bitcoin's price and volumes.
If ETFs are approved this week, ETH might hit $5,000 by summer.