The Next Major Event For 2024 Regarding Ethereum

By Astroboy13 | CryptoByte | 19 Jan 2024

The start of this new year has already been exciting, all of the Bitcoin ETFs were approved, not without drama around the SEC. However, all eyes are now turned towards another event that will make a huge impact. I’m talking about the possible approval of Ethereum ETFs.

Ethereum Performance

Since all the attention went into Bitcoin and the ETF, Ethereum has had a rather weak performance compared to some big altcoins like Solana or Avalanche. Most importantly, Ethereum was severely underperforming Bitcoin.

As you can see above, Ethereum underperformed Bitcoin throughout 2023. However, there is a great rebound that might signal a reversal of this trend.

ETF for Ethereum ?

A lot of people don’t talk much about this because all eyes are turned towards the Bitcoin ETFs. However, now that the SEC has approved all of the requests, investors are putting a lot of money into Ethereum.

Making a 21% jump in the span of 5 days! That’s because investors are pricing in the potential approval of the ETFs.

It’s possible that the 23rd of May is the day of an approval for all ETFs. However, unlike Bitcoin ETFs, there is more doubt regarding approval. TD Cohen, a well-known investment firm, is one example of skepticism. Additionally, Ethereum is not clearly viewed by the SEC as a commodity, unlike Bitcoin.

Impact on Ethereum Price

The price has already gone up from $1900 all the way to $2600 since the filing by Blackrock for an ETF. However, my take is that it’s far from over. The news of the ETF for Bitcoin made it pump to nearly $49k, which is nearly the price of Bitcoin before the huge crash caused by the fall of Terra Luna in March 2022.

We can make the assumption that Ether will do the same thing because of all the hype around the ETFs and the liquidity it’s going to bring. So, with that in mind, we can believe that Ethereum will go to $3.5k before the end of May.

That’s a 39% increase from $2.5k, pretty cool if that happens.

Also, another reason that makes me believe that is the objective for a third wave in the Elliott Waves theory is $3.5k for Ethereum (I’ll make an article explaining this popular theory).

Combined with the dominance of Ethereum regaining momentum, I do see ETH performing well in the coming months.

Of course, this prediction is correlated to the potential approval of the ETFs. If that doesn’t happen, we will likely see a big sell-off.

As always thank you for reading !

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Disclaimer : This is not a financial advice, you need to do your own research !

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