Ether (ETH) Nears $4,000 Mark, Outperforms Bitcoin in Significant Weekly Rise
Summary:
Ether (ETH) is nearing a $4,000 evaluation with a 5% rise observed in early trading on May 27. This increase is speculated to be the onset of a post-ETF approval boom. ETH's price increase over the week has significantly outperformed Bitcoin's. The considerable weekly rise has triggered predictions from various analysts, with some forecast ETH reaching $4,500 even before the spot ETFs are launched. ETH's growth also has multiple impacts on the wider crypto landscape, including decentralized finance's total locked value reaching a two-year peak.
Early on May 27, the price of Ether (ETH) is inching towards a $4,000 evaluation, with a 5% rise observed over the last day. This increase has sparked speculation that it could be the onset of a boom following the approval of Ether ETF. Based on Cointelegraph metrics, this 5% growth has taken the asset to an intra-day peak of $3,930, a price echoed a few days earlier when Ether ETFs received their initial approval on May 23. Traders hope that the ETH could secure the $4,000 mark soon.
Ether's rise over the past week has been a steep 27.5%, significantly outperforming Bitcoin's (BTC) 3.8% during the same period. Analyst Matthew Hyland addressed his 143,000 followers on May 27, highlighting ETH's bullish divergence confirmation and a slump in the downtrend due to increased volume, which supports the outbreak. Numerous industry analysts and observers have made projections triggered by this significant weekly movement.
Arthur Cheong, founder of DeFiance Capital, stated on May 26 that he foresees ETH reaching $4,500 before the launch of spot ETFs. On May 25, he initiated a poll asking his followers about their ETH allocation in their portfolios. About 50% of the 5,800 respondents revealed they designated between zero and 25%, leading Cheong to remark on the noticeable underallocation to ETH in Cryptotwitter (CT), according to Arthur Cheong.
Meanwhile, Ethereum expert Anothny Sassano prognosticated that MicroStrategy founder Michael Saylor would make a purchase of ETH in the next half to a full year. Ether (ETH) shows a price surge today, but why?
Following the US's approval of the BTC spot ETF, Bitcoin's prices skyrocketed over 70% and attained an all-time high within two months. If Ether follows Bitcoin's trend, we could expect a comparable trajectory, possibly leading to a record-breaking high around $6,000 by July end.
There have been other impacts of Ether's significant leap on the broader crypto sphere. Decentralized finance's (DeFi) total locked value has reached a two-year peak standing at $117 billion. Around 60% of this is housed within the Ethereum network, says DefiLlama data.
On another note, the collective total value of Ethereum layer-2 networks stands close to an all-time high locked around $47 billion, per L2beat's analysis.
Published At
5/27/2024 7:22:08 AM
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