Ethereum

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Bitcoin ETF

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 <p class="paragraph">Ethereum (ETH) is on a bull rally amid positive expectations regarding the Securities and Exchange Commission (SEC) of the United States’ approval of Ethereum spot ETFs and BlackRock’s (NYSE: BLK) interest in real-world assets (RWA) tokenization.</p>
 <p class="paragraph">Analysts started speculating on price as the cryptocurrency market awaits further developments in exchange-traded fund (ETF) approval and BlackRock’s endeavors. Reaching $5,000 in the next few days is possible as speculation heats up, even before the awaited ETF approval.</p>
 <p class="paragraph">In particular, two analysts from the private wealth management firm Bernstein forecast a 75% pump to $6,600 moving forward. According to Gautam Chhugani and Mahika Sapra, ETH could mirror Bitcoin’s (BTC) gains after its ETFs’ approval earlier this year. <em>DefiLlama</em> reported this and six other experts’ opinions about Ethereum on May 22.</p>
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 <p class="paragraph">However, Ethereum could see some action before the forecasted $6,600 a few weeks after the effective approval, as reported. This is because cryptocurrency investors could try to price the approval firsthand, backed by other positive news.</p>
 <h2 class="wp-block-heading" id="h-ethereum-price-analysis">Ethereum price analysis</h2>
 <p class="paragraph">In this context, it is possible that&nbsp; ETH first tries to challenge its previous all-time high of $4,869. This could happen as Ethereum tests the $5,000 psychological resistance, right above the historical resistance.</p>
 <p class="paragraph">Notably, the leading Web3 cryptocurrency shows strong momentum, according to its weekly relative strength index (RSI) of 65.18. ETH trades at $3,692 by press time.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="662" src="https://cdn.thebittimes.com/images/2024/05/22/29bc144c7cc338235960bb2f97896ee1.webp" alt="" class="wp-image-177691" srcset="https://cdn.thebittimes.com/images/2024/05/22/29bc144c7cc338235960bb2f97896ee1.webp 1024w, https://cdn.thebittimes.com/images/2024/05/22/29bc144c7cc338235960bb2f97896ee1.webp 300w, https://cdn.thebittimes.com/images/2024/05/22/29bc144c7cc338235960bb2f97896ee1.webp 768w, https://cdn.thebittimes.com/images/2024/05/22/29bc144c7cc338235960bb2f97896ee1.webp 1536w, https://cdn.thebittimes.com/images/2024/05/22/29bc144c7cc338235960bb2f97896ee1.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
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   ETH/USD weekly price chart. Source: <em>TradingView</em> / Finbold
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 <p class="paragraph">Joe Lubin, co-founder of the Ethereum Foundation and founder of Consensys, is optimistic about the token’s price action.</p>
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  <p class="paragraph">“Expect a “floodgate” of demand for Ether, which will likely lead to a supply crunch and drive prices higher. There’s going to be a pretty large amount of natural, pent-up pressure to purchase Ether.”</p> <cite>– Joe Lubin</cite>
 </blockquote>
 <p class="paragraph">In the meantime, BlackRock has submitted an updated spot Ethereum ETF 19b-4 document, following the SEC’s guidance. The update addresses Ethereum staking by the funds, which BlackRock and other interested institutions state they will not engage with.</p>
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    <p lang="en" dir="ltr">The latest filing shows that BlackRock has also submitted an updated spot Ethereum ETF 19b-4 document, also stating that it will not participate in Ethereum staking. BlackRock’s Bitcoin ETF is currently the second largest and is set to overtake Grayscale.https://t.co/JQgUgQWdIv</p>— Wu Blockchain (@WuBlockchain) May 22, 2024
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 <p class="paragraph">As things develop, traders and investors look forward to Ethereum price projections and a nearing $5,000 test. Still, cryptocurrencies are highly volatile and emotion-driven, so everything can quickly change. Speculators must remain cautious and avoid exposure above their risk profile.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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Here’s when Ethereum (ETH) could hit $5,000

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