Ethereum

Rally

<p>The post <a href="https://coinpedia.org/news/qcp-report-hint-ethereum-60-price-rally-ahead-as-ether-etf-approves/">Ethereum Ready for 60% Surge as Spot ETF Approval Looms: QCP Report</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The <a href="https://coinpedia.org/news/ethereum-etf-approval-rumors-spark-massive-market-rally-santiment-report/">U.S. Securities and Exchange Commission (SEC)</a> is on the brink of a decision that could reshape the crypto landscape: whether to approve a spot Ether (ETH) exchange-traded fund (ETF). This decision, slated for May 23, carries immense significance, potentially signaling a major shift in how cryptocurrencies are regulated in the United States.</p> 
<p>Will the SEC give the green light, opening the door for mainstream investment in Ethereum? Or will they slam the brakes on this potential game-changer? </p> 
<p>Read on to find out what’s at stake.</p> 
<h2 class="wp-block-heading" id="h-turning-point-for-ethereum">Turning Point for Ethereum </h2> 
<p>The looming decision on the spot Ether ETF has stirred excitement and anticipation within the crypto community. If approved, it could open doors for Ethereum like never before, with a 60% price surge, effectively bridging the gap between traditional finance and the digital asset world.</p> 
<p>Although many in the crypto community doubted the SEC would approve such an ETF, but recent updates and amendments from the SEC to Ether ETF issuers to <a href="https://coinpedia.org/news/fidelity-files-updated-s-1-application-for-spot-ethereum-etf-ahead-of-sec-looming-deadline/" target="_blank" rel="noreferrer noopener">update their 19b-4 filings ASAP</a>.</p> 
<h2 class="wp-block-heading" id="h-surge-in-eth-buying-activity">Surge in ETH Buying Activity</h2> 
<p>The market is buzzing with activity, with a notable surge in buying seen recently. According to CryptoQuant, over 100,000 ETH has been traded in spot markets, marking the highest volume since September 2023 and reflecting growing confidence in Ethereum’s potential.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> Futures Market Sentiment<br><br>“This upward trend in the Taker Buy Sell Ratio indicates a potential shift in market dynamics. If the ratio continues to rise, it may signal a reduction in aggressive selling pressure.” – By <a href="https://twitter.com/Greatest_Trader?ref_src=twsrc%5Etfw">@Greatest_Trader</a> <br><br>Link <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/DbXZplM7Eq">https://t.co/DbXZplM7Eq</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1793532426993737985?ref_src=twsrc%5Etfw">May 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Further CryptoQuant notes that traders are increasingly gaining more exposure to ETH compared to Bitcoin. This marks the largest daily spot buying from ETH permanent holders in 2024. However, the influx of 62,000 ETH to exchanges suggests potential price volatility in the coming days, as high exchange flows are often linked to significant price swings.</p> 
<p>This buying frenzy followed reports of a favorable decision and <a href="https://x.com/EricBalchunas/status/1792636523050906102" target="_blank" rel="noreferrer noopener">analysts boosting approval</a> odds from 25% to over 75%.</p> 
<h2 class="wp-block-heading" id="h-record-breaking-interest-in-ethereum-futures-and-options">Record-breaking Interest in Ethereum Futures and Options</h2> 
<p>The excitement surrounding Ethereum is further evidenced by record-breaking figures in futures and options trading. Open interest in ether-tracked futures has soared to $14 billion, comprising 67% of Bitcoin’s open interest. Institutional interest is also evident, with the Chicago Mercantile Exchange (CME) witnessing significant trading activity in ether futures.</p> 
<h2 class="wp-block-heading" id="h-eth-price-analysis">ETH Price Analysis</h2> 
<p>Currently trading at $3,918, <a href="https://markets.coinpedia.org/ethereum">Ethereum</a> has experienced a 5.6% surge in the last 24 hours, boasting a market cap of $452 billion. To maintain this upward trajectory, Ethereum must overcome the resistance level at $4,050. Optimistic projections suggest a potential surge to <a href="https://coinpedia.org/news/top-analyst-predicts-ethereum-price-to-surge-5000-here-what-you-need-to-know/">$5,000</a> within the coming month.</p> 
<p>While optimism prevails, short-term predictions caution against potential hurdles, with resistance expected at current levels and a possible test at $3,600 on the horizon.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/news/top-10-lowcap-altcoins-with-high-chance-to-be-listed-on-binance/">Top 10 Lowcap Altcoins With High Chance to Be Listed on Binance</a></p> 
<p><strong>The SEC’s decision on the spot Ether ETF is expected by May 23rd. This could be a pivotal moment for the crypto market, so keep an eye on the latest developments right here on Coinpedia.</strong></p>

Ethereum Ready for 60% Surge as Spot ETF Approval Looms: QCP Report

Table of Contents

CoinPedia News

Other articles published on May 23, 2024

Biden Supports Crypto Law

Crypto Prices Today May 23: Bitcoin Rides Rollercoaster While ETH, XRP, DOGE Bleed

SHIB Scores Listing on Major Solana-Centered Exchange, Ripple Forms Coalition With Crypto Heavywe...

US House Passes FIT21 Crypto Bill As Coinbase Lauds Move Towards Clear Regulation

Dogwifhat Price Prediction: WIF Surges 5% As This New Solana Meme Coin Presale Races Towards $3 M...

Hours Before the Potential Approval of the Ethereum ETF, Discussion Started to Which Project the ...

Join our free newsletter for daily crypto updates!