The Ethereum market is increasingly optimistic as Ether aims to revisit the significant $3,000 milestone, a level not seen since April 2022. Despite Bitcoin’s upward momentum faltering around the $52,000 mark, Ethereum has been steadily gaining ground in recent days.
Over the past week, the Ether price has surged by almost 13%, as reported by CoinMarketCap, surpassing Bitcoin’s modest 4.4% increase during the same period. This notable uptick in Ether’s value has sparked a surge in bullish sentiments across the market, with numerous analysts voicing their optimistic outlook.
One such bullish narrative emerged on Monday, with Bernstein suggesting that several Ether-based spot ETFs could potentially receive approval later this year. This positive sentiment surrounding Ethereum underscores growing confidence in its prospects within the investment community.
With Ethereum’s deflationary tokenomics, staking yield dynamics, and eco-friendly design, ETH is poised to emerge as the next “institutional darling.” However, according to Keyrock CEO Kevin de Patoul, the approval of spot Ethereum ETFs later this year is not guaranteed.
In a note to Cryptonews, Patoul highlighted the lack of clear guidance from the SEC regarding Ethereum’s classification as a security, which could complicate the approval process for ETFs. Nevertheless, Patoul strongly advocates for SEC approval of spot Ethereum ETFs.
He emphasized that the utility and growth potential of the Ethereum network present a compelling argument for institutional adoption through regulated investment vehicles. Patoul asserted that both institutions and investors deserve convenient access to spot Ether in the form of an ETF.
Ethereum Price Prediction – How High Can ETH Pump?
Despite the potential delay in spot Ether ETF approvals, the market appears largely unfazed. Bullish fundamental narratives are merging with robust technical momentum, particularly following ETH’s resilient rebound from the $2,700 support level.
Taking a longer-term perspective on the ETH chart reveals a consistently bullish trend since early December. This bullish sentiment intensified when the Ether price surpassed the long-standing resistance at $2,150, signaling a breakout from a prolonged ascending triangle pattern.
Throughout late December and early January, the $2,150 level served as a sturdy support zone, reinforcing the likelihood of a near-term price surge towards the next significant resistance at $3,600. Assuming Ether can surpass the $3,000 mark, a retest of $3,600 appears increasingly inevitable.
