With the rising speculations of the Ethereum ETF approval by the Securities and Exchange Commission (SEC), the ETH price has recorded a massive jump of 19.26% within the past day with a surge of 243.69% in its trading volume.
Furthermore, the market leader, BTC price, has added 7.12% with a jump of 130% in its trading volume during the early trading hours today, resulting in it successfully reclaiming the $72,000 mark.
Will the ETH price hit a new all-time high (ATH) this May? With the potential approval of the Spot Ethereum ETF? Dive in as, in this article, we have covered the in-depth analysis and possible targets for the Ethereum price.
Ethereum Token Breaks Out Of The Channel Pattern:
The Ethereum price successfully broke out of the falling channel pattern after the social sentiments recorded a significant rise in the pending approval of the spot ETF. This resulted in the ETH token recording a breakout rally in the 1D time frame after trading in the negative pattern since mid-March.
Positively, the altcoin leader, ETH price, has recorded the single-largest jump in the past 36 months, by adding approximately 20% within the past 24 hours. This further indicates a strong bullish reversal in the crypto market.
With increased buying sentiment and a fresh inflow of funds in the crypto market, the Ethereum token has surpassed the $3,650 mark following the recent price surge.
Ethereum ETFs Impact On The Crypto Market:
The prime reason for the recent market pump is considered to be the sudden rise in the speculations about the approval of the Ethereum ETF approval.
Further, regarding the approval changes of the spot, ETF’s approval has increased from 25% to 75% following the increase in the filing of the 19b-4 application as per the report by Bloomberg.
With this, the crypto industry is expected to record a significant price action during the upcoming weeks, with a high possibility of an AltSeason.
ETH Market Sentiments:
The Simple Moving Average (SMA) shows a bullish rise in the price chart, suggesting a positive outlook for the altcoin in the coming time.
On the other hand, the MACD displays a significant rise, highlighting an increase in the buying-over-selling pressure in the crypto space. Moreover, its RSI hovered at the over-bought range in the 1D time frame, highlighting a bullpower in the crypto market.
Is This The Best Time To Buy Ethereum?
Suppose the market continues to trade under a bullish influence. In that case, the Ethereum price is predicted to retest its upper high of $4,100 mark this month, considering the present market sentiments.
However, if the Ethereum Spot ETF gets approved by the SEC, the altcoin leader will experience a fresh price rally during the coming time. With this, the ETH price could potentially retest its previous ATH of $4,891.
Conversely, in case of a rejection, the ETH price will lose momentum and plunge toward its low of $3,000 range.
