Ethereum Price Forecast as ETF Decision Deadline Nears – Is $10,000 ETH Feasible?

The price of Ethereum has surged to $3,657 today, following the SEC’s request for Ethereum ETF applicants to submit new filings ahead of a Thursday deadline.

Analysts view this development as an indication that the SEC is likely to approve ETH ETFs this week, positioning Ethereum as the second cryptocurrency after BTC to have spot-based ETFs available in the US.

This information has allowed ETH to achieve an 18% increase in just 24 hours, while the altcoin has risen by 25% over the week and 15% in the past month.

Additionally, with the coin also showing a 100% return over the year, its long-term momentum could align with ETF approvals to lead to significant rallies in the near term.

Ethereum Price Prediction as ETF Decision Deadline Approaches – $10,000 ETH Possible?

Unsurprisingly, ETH’s chart has taken a parabolic trajectory, with its price and indicators all experiencing significant increases in the last 12 hours.

The relative strength index (purple) has surpassed 90 today, and while this typically suggests a correction may be due, it remains close to 80, indicating strong momentum.

Source: TradingView

ETH’s 30-day average (orange) is also soaring well above its 200-day average (blue), clearly indicating that it has entered an expansionary phase and still has room for growth.

Additionally, its trading volume has skyrocketed to $36 billion, up from $7.5 billion just a day prior.

This suggests substantial interest in the token, with traders and investors evidently eager to acquire ETH before any spot-based ETF approvals occur.

Recent reports indicate that such approvals could be forthcoming as early as this week, as the SEC has requested applicants to promptly refile ahead of an impending deadline.

Update: @JSeyff and I are raising our odds of spot Ether ETF approval to 75% (up from 25%), hearing discussions this afternoon that the SEC could be reconsidering this increasingly political issue, prompting everyone to scramble (like us, many assumed they would be denied). See… https://t.co/gcxgYHz3om

— Eric Balchunas (@EricBalchunas) May 20, 2024

The request for “accelerated” refiling has led some to speculate that approvals may be announced on Thursday – 23rd of May.

This suggests that ETH is likely to continue its upward trend at least until this date.

While the cryptocurrency market often exhibits ‘buy the rumor, sell the news’ behavior, the approval of spot-based ETH ETFs is expected to drive the Ethereum price upward steadily in the medium- and long-term.

One only needs to recall the events surrounding Bitcoin’s price and trading volumes in February and early March, when institutions began to engage with the ETF momentum that started in January.

A similar scenario is anticipated for ETH, which could potentially reach $5,000 by the end of summer if the ETFs receive approval this week.

Diversify into Low-Cap Coins for More Upside Exposure

While ETH is certainly one of the most secure options in the crypto space, there are alternatives traders might consider if they wish to diversify their portfolios and enhance their exposure to positive volatility.

This includes one of the emerging meme tokens currently gaining traction, with several conducting presales in preparation for listing.

One of the most notable tokens at present is Dogeverse (DOGEVERSE), a multi-chain cryptocurrency that has raised over $15 million in its presale.

Source: Dogeverse

What distinguishes Dogeverse from other new meme coins are its tokenomics and fundamentals, which together create a compelling investment opportunity.

As the first Doge-themed multi-chain cryptocurrency, Dogeverse will function not only on Ethereum but also on Polygon, BNB Chain, Solana, Avalanche, and Base.

This broad compatibility could enhance its adoption across various applications and trading platforms, thereby increasing its demand and, theoretically, its price.

Additionally, DOGEVERSE has a capped supply of 120 million tokens, which could render it a deflationary cryptocurrency.

Moreover, since holders of DOGEVERSE can stake their tokens to earn passive income, the coin may experience a significant supply squeeze over time.

This context helps clarify why DOGEVERSE has emerged as one of the largest presales of the year thus far, with investors able to participate through the official Dogeverse website.

1 DOGEVERSE is priced at $0.00031, which is its final sale price before it lists on exchanges and potentially experiences significant price increases.

Buy DOGEVERSE Today

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