Ethereum

Convergence

FOMO

ETH price prediction: Ethereum experienced a lifeline-changing moment last as the Securities and Exchange Commission (SEC) in the US pivoted towards spot ETFs. The hype around <a href="https://coingape.com/ethereum-etf-approvals-poised-to-spur-long-term-growth-kaiko/">Ethereum ETFs</a> exploded early last week backed by Bloomberg analyst Eric Balchunas, after he revised his prediction from 25% to 75%. Following the approval news, ETH price rallied but continued to trade below the $4,000 mark. 
Ethereum boasts a 5% premium in seven days on top of a 17% increase in a fortnight. The smart contracts token remains relatively unchanged in the last 24 hours, hovering at $3,903 on Tuesday, <a rel="nofollow" href="https://www.coingecko.com/en/coins/ethereum">CoinGecko</a> data reveals. 
Despite the lock-step trading, a spike in the trading volume to $18.5 billion, reinforces growing investor interest. 
<h2 class="p1" id="what-does-ethereum-etfs-approval-mean-for-eth-price">What Does Ethereum ETFs Approval Mean For ETH Price</h2> 
The approval of Ethereum ETFs is an optimistic step for the second-largest crypto. ETFs expose ETH to a larger more traditional audience while opening the asset to long-term prospects. 
According to research firm Kaiko, “the ETF approval removes significant regulatory uncertainty, boosting ETH’s long-term performance.” 
The green light laid the foundation for spot Ethereum ETFs, however, based on JP Morgan’s insight, the actual trading could start before November. ETFs allow investors to seek exposure to cryptocurrencies directly on stock exchanges, in the same manner as <a href="https://coingape.com/microstrategy-ceo-michael-saylor-celebrates-bitcoin-etf-reserve-surpassing-1m-btc/">Bitcoin ETFs</a>. 
Despite the waiting period in which the SEC will vet every operator individually, the approval implies <a href="https://coingape.com/blog/ethereum-meme-coins-hitting-all-time-high-today/">Ethereum</a> is on the verge of a major bull run. 
<h2 class="p1" id="eth-price-prediction-assessing-the-technical-structure-and-potential-for-breakout">ETH price prediction: Assessing The Technical Structure And Potential For Breakout</h2> 
<a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/">Ethereum price prediction</a> shows Ether sitting above crucial levels on the daily chart, starting with higher support established at $3,600 and $3,800. The Moving Average Convergence Divergence (MACD) reinforces the bullish thesis, thus increasing the chance of the next move above $4,000. 
A recently confirmed golden cross, formed by the 20-day Exponential Moving Average (EMA) crossing above the 50-day EMA (in red) is also another bullish signal to consider when buying ETH. 
<figure id="attachment_199227" aria-describedby="caption-attachment-199227" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-199227" src="https://coingape.com/wp-content/uploads/2024/05/ETHUSD_2024-05-28_16-04-37.png" alt="When Is ETH Price Likely To Hit $5,000 Following Ethereum ETF Approval" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/05/ETHUSD_2024-05-28_16-04-37.png 2694w, https://coingape.com/wp-content/uploads/2024/05/ETHUSD_2024-05-28_16-04-37-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/05/ETHUSD_2024-05-28_16-04-37-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/05/ETHUSD_2024-05-28_16-04-37-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/05/ETHUSD_2024-05-28_16-04-37-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/05/ETHUSD_2024-05-28_16-04-37-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/05/ETHUSD_2024-05-28_16-04-37-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-199227" class="wp-caption-text">
 ETH price chart | Tradingview
 </figcaption>
</figure> 
Some investors are likely sitting on the periphery, waiting for another confirmation of a breakout. A daily close above $3,900 will back the uptrend and affirm the bull’s strong presence in the market. 
An additional ascend above $4,000 could ignite FOMO as more investors bet on higher prices and a new record high past $5,000. 
Nevertheless, a potential double-top pattern around $4,100 could send <a href="https://coingape.com/ethereum-exchange-deposits-reach-the-highest-since-january-eth-price-drop-soon/">ETH price</a> spiraling under $4,000. However, if successfully broken, a massive rally has the potential to follow targeting $5,000. 
For now, dips seem very profitable. Therefore, using the best dollar cost averaging (DCA) strategy could allow investors to grow their holdings and subsequently maximize profits in the future. 
The post <a href="https://coingape.com/markets/when-is-eth-price-likely-to-hit-5000-following-ethereum-etf-approval/">ETH Price Prediction: When Will Ether Hit $5,000 On Ethereum ETF Approval?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

ETH Price Prediction: When Will Ether Hit $5,000 On Ethereum ETF Approval?

Table of Contents

Coingape News Media

Other articles published on May 28, 2024

Notcoin rises over 58% as community backs project in X poll

Trump Widens Lead Over Biden in Prediction Markets

BNB Investors Could Be Looking at First Profits in Two Months

Investor Turns $2,625 into $1.1 Million with Shiba Inu

Stock Market: Nvidia on the Rise, Wall Street Reacts Positively

Investors Push Meme Coin Prices

Join our free newsletter for daily crypto updates!