Ethereum

United

Bitcoin

when

Arthur

<h2 id="key-points">Key Points</h2>
<li>Ethereum (ETH) is approaching $4,000, marking a 27.5% increase over the past week.</li>
<li>Industry analysts predict further growth, with some suggesting a potential rise to $6,000 by the end of July.</li>
The price of <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> is nearing the $4,000 mark during the early trading hours of May 27.
This represents a 5% growth over the past day, sparking optimism that this could be the start of a post-ETF approval surge for Ethereum.
Ethereum’s value rose nearly 5% within the day, reaching an intra-day peak of $3,930.
This price level was also reached a few days prior when spot Ethereum ETFs received their initial approval on May 23.
<h2 id="ethereum-outperforms-bitcoin">Ethereum Outperforms Bitcoin</h2>
Over the past week, Ethereum has seen a 27.5% increase, significantly outpacing <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, which only saw a 3.8% growth during the same period.
On May 27, analyst Matthew Hyland shared with his 143,000 followers that Ethereum has confirmed a bullish divergence and a break from the downtrend, accompanied by a volume increase, further substantiating the breakout.
This impressive weekly gain has sparked numerous predictions from industry analysts and observers.
In a post on May 26, DeFiance Capital founder Arthur Cheong anticipated that Ethereum would hit $4,500 even before the launch of spot ETFs.
Cheong conducted a poll on May 25, asking his followers about their Ethereum portfolio allocation.
Almost half of the 5,800 respondents had an Ethereum allocation between zero and 25%, leading Cheong to comment on the underallocation to Ethereum.
Additionally, Ethereum educator Anothny Sassano speculated that MicroStrategy founder Michael Saylor would purchase Ethereum within the next six to twelve months.
Following the approval of spot BTC ETFs in the United States, Bitcoin prices soared over 70% to a record high within two months.
If Ethereum follows a similar trajectory, its price could potentially reach a new high of around $6,000 by the end of July.
Ethereum’s significant move has also impacted the broader crypto ecosystem.
The total value locked in Decentralized Finance (DeFi) has returned to its peak level of the past two years, standing at $117 billion, with 60% of this value being locked on the Ethereum network, as reported by DefiLlama.
Additionally, Ethereum layer-2 networks are close to a collective all-time high in total value locked, estimated at around $47 billion, as per L2beat.

Ethereum Experiences 5% Growth in One Day: Signaling Start of Post-ETF Approval Surge?

Innehållsförteckning

crypto.ro global

Andra artiklar publicerade 27 maj 2024

Bitcoin Ready To Outperform Gold by at Least Double for Rest of Market Cycle: Glassnode Founders

Could This Memecoin Outshine Dogecoin (DOGE) and Shiba Inu (SHIB)?

Elon Musk’s xAI Secures $6 Billion in Series B Funding, Aims to Rival OpenAI

PEPE Price Explodes by 10%, Surpassing Uniswap: Can It Overtake Shiba Inu and Dogecoin?

Pepe memecoin hits record high but risks a brutal 40% crash by June

Top Analyst Predicts Ethereum Price To Reach 12k, As Soon ETH ETF Goes Live

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!