The Ethereum price has shot up to $3,657 today, after the SEC asked Ethereum ETF applicants to submit new fillings ahead of a Thursday deadline.
Analysts have taken this development as a sign that the SEC is likely to approve ETH ETFs this week, making Ethereum the second cryptocurrency after BTC to see spot-based ETFs in the US.
This news has enabled ETH to post an 18% gain in 24 hours, while the alt is up by 25% in a week and by 15% in a month.
And with the coin also sitting on a 100% return in a year, its long-term momentum could combine with ETF approvals to result in some big rallies in the very near future.
Ethereum Price Prediction as ETF Decision Deadline Approaches – $10,000 ETH Possible?
Unsurprisingly, ETH’s chart has gone parabolic, with its price and indicators all shooting up in the past 12 hours.
Its relative strength index (purple) climbed beyond 90 today, and while this would call for a correction, it still remains close to 80, showing big momentum.
Source: TradingView
ETH’s 30-day average (orange) is also flying well beyond its 200-day (blue), a clear sign that it has entered an expansionary phase and still has some growth to spare.
What’s also highly bullish is that its volume has rocketed to $36 billion, up from $7.5 billion a day ago.
This indicates some massive interest in the token, with traders and investors clearly trying to get into ETH before any spot-based ETF gains approval.
And according to the latest reports, such approvals could arrive as early as this week, given that the SEC has asked applicants to quickly refile before an incoming deadline.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
The request for “accelerated” refilling is leading some to conclude that we will see approvals on Thursday – 23rd of May.
This means ETH is likely to continue rallying, at least until this date.
And while the cryptocurrency market has a tendency towards ‘buy the rumor, sell the news’ dynamics, the approval of spot-based ETH ETFs will see the Ethereum price climb steadily in the medium- and long-term.
We need only remember what happened to Bitcoin’s price and volumes in February and early March, when institutions began jumping on the ETF bandwagon that set off in January.
Something similar will happen to ETH, which could reach $5,000 by the end of summer if the ETFs do win approval this week.
Diversify into Low-Cap Coins for More Upside Exposure
While ETH is undoubtedly one of the safest bets possible in crypto, there are alternatives traders can consider if they’re looking to diversify their portfolios and maximize their exposure to positive volatility.
This includes one of the new meme tokens generating momentum right now, with several holding their presales as they get ready to list.
Possibly the hottest such token at the moment is Dogeverse (DOGEVERSE), a multi-chain crypto that has raised in excess of $15 million in its presale.
Source: Dogeverse
What sets Dogeverse apart from other new meme coins are its tokenomics and fundamentals, which combine to make it a serious investment prospect.
As the first ever Doge-themed multi-chain cryptocurrency, Dogeverse will operate not only on Ethereum, but also on Polygon, BNB Chain, Solana, Avalanche, and Base.
This means it could gain traction on many apps and trading platforms than it would have otherwise, thereby increasing its demand and, in theory, its price.
What’s also bullish is that DOGEVERSE has a capped supply of 120 million tokens, with this ceiling potentially making it a deflationary cryptocurrency.
And because holders of DOGEVERSE can stake it to earn a passive income, the coin may experience a strong supply squeeze over time.
This all helps to explain why DOGEVERSE has been one of the biggest presales of the year so far, with investors able to join in at the official Dogeverse website.
1 DOGEVERSE is selling at $0.00031, which is its final sale price, before it lists on platforms and possibly moons.
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