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Ethereum Price Prediction as Analyst Says ETH ETFs are Coming in 2024 – Time to Buy?

The price of Ethereum (ETH) has experienced a significant 10% surge over the past 24 hours, reaching $2,656. This notable increase comes in the wake of the SEC’s approval of its first batch of spot-based Bitcoin ETFs.

ETH’s performance has outpaced most other cryptocurrencies today, with its 24-hour gain exceeding the 6% overall market increase during the same period.

Over the course of a week, Ethereum has seen a remarkable 19% increase, and its year-long performance boasts a staggering 98% growth. Experts are now suggesting that Ethereum could be the next cryptocurrency to have spot-based ETFs approved in the United States.

Given Ethereum’s robust fundamentals and its potential for further developments, 2024 could indeed be a significant year for the coin.

Ethereum Price Prediction as Analyst Says ETH ETFs are Coming in 2024 – Time to Buy?

It’s evident that Ethereum (ETH) is currently undergoing a breakout, with its price surging well above its 30-day average and showing signs of potentially breaking through its current resistance level (red).

Moreover, the relative strength index (RSI) for ETH has recently crossed the 70 threshold (purple), indicating strong momentum. Importantly, this suggests there is still room for further gains before reaching overbought conditions.

Additionally, the 30-day moving average is now rising more steeply beyond the 200-day average, which is another indication of substantial buying pressure for ETH.

The trading volume for Ethereum, standing at around $53 billion, further supports the idea that ETH has entered a bull phase. This robust trading volume suggests heightened investor interest and activity.

Interestingly, data also suggests that after accumulating Bitcoin (BTC) in recent weeks, large investors, or “whales,” have shifted their focus to Ethereum, with evidence of aggressive accumulation in the present moment. This demonstrates increased confidence in the potential of Ethereum’s price movement.

Indeed, there is growing anticipation among analysts that it won’t be long before Ethereum benefits from the approval of its own spot-based ETFs in the United States.

For example, analyst Will Clemente pointed out that May 23 is the final deadline for the proposed VanEck Ethereum-based ETF. If approved, these Ethereum ETFs, much like the recently approved batch of Bitcoin ETFs, could have a significant positive impact on the Ethereum price in the coming months.

When combined with Ethereum’s robust fundamentals as a layer-one blockchain, the launch of such ETFs has the potential to propel ETH to new heights in the current year.

Given these factors, some analysts believe that this could be one of the last opportunities to purchase Ethereum (ETH) at its current price before it becomes significantly more expensive in the future.

Emerging High Potential Altcoins

Indeed, for those concerned about Ethereum’s potential overheating, there are other promising altcoins in the market that also have the potential for significant rallies in the coming weeks.

One such example is Bitcoin Minetrix (BTCMTX), which operates as an Ethereum-based stake-to-mine platform. Bitcoin Minetrix has already raised over $8 million in its soon-to-end presale.

Bitcoin Minetrix offers a unique proposition by allowing users to mine Bitcoin (BTC) by staking the platform’s native token, BTCMTX. Users who stake BTCMTX receive tokenized mining credits in return, which can be used to cover the costs of Bitcoin mining conducted on their behalf.

Furthermore, staking BTCMTX also earns users a consistent income in the form of BTCMTX tokens, potentially making it one of the more profitable tokens to hold in the current year.

As of now, the presale is in its nineteenth stage, and interested investors can participate by visiting the official Bitcoin Minetrix website. The token is available at a price of $0.0128 per token during the presale period, but it is likely to see a significant increase in price once it is listed on exchanges in the coming weeks.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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