Today, ETH has shown minimal movement, hovering around $3,800 with a slight uptick of 0.2% over the past 24 hours.
Despite its stability, the leading altcoin has experienced a 2.5% dip in the last week. Analysts from JPMorgan have expressed cautious sentiments, suggesting that the introduction of Ethereum ETFs may initially dampen market enthusiasm, projecting lower trading volumes compared to Bitcoin ETFs.
Nevertheless, ETH has seen impressive gains of 22% over the week and an astounding 100% surge over the past year. The advent of Ethereum ETFs is anticipated to bolster long-term demand for the cryptocurrency.
This could potentially drive substantial growth in the months ahead, with the possibility of surpassing its current all-time high (ATH) before the year concludes.
Ethereum Price Prediction as Experts Predict Lower ETF Inflows Than Bitcoin – Here’s Why
Despite a lack of significant activity in the past 24 hours, the current chart for ETH displays a bullish trend. A notable observation is the close proximity of the resistance (red) and support (green) levels, indicating a potential breakout on the horizon.
Adding to this optimistic outlook is the relative strength index (RSI) for ETH (purple), which has surged from 40 yesterday evening and appears poised to surpass 60 in the near term, possibly reaching 70 within the next day.
This suggests the likelihood of promising short-term gains, especially considering the shallow volume for the coin today, which renders it susceptible to substantial price movements.
While ETH’s low volume makes it prone to significant shifts, a substantial purchase from a whale could propel its value upwards. However, current trends suggest that whales are more inclined to sell at present.
The recent approval of spot-based Ethereum ETFs marks a significant milestone for the altcoin, potentially triggering a surge upon their launch later this month.
While JPMorgan has cautioned about a potential dip post-launch, they also anticipate smaller inflows into ETH due to its smaller market size compared to BTC. Nonetheless, the introduction of these ETFs will pave the way for broader institutional adoption of Ethereum.
This development is expected to drive the Ethereum price upwards over the long term, mirroring the trajectory seen with Bitcoin following the approval of its own ETFs after an initial period of quiet.
Coupled with Ethereum’s robust fundamentals, the arrival of ETFs promises exciting price movements for ETH in the foreseeable future. It’s conceivable that ETH could surpass $4,000 in the coming weeks and potentially reach $5,000 by the end of 2024.
Diversification into New Meme Coins
The latter part of 2024 holds promising prospects for ETH, yet traders seeking portfolio diversification may find it worthwhile to explore newer altcoins, including some emerging meme tokens.
One such standout is WienerAI (WAI), a fresh Ethereum-based cryptocurrency that has garnered an impressive $4 million in its ongoing token sale.
What sets WienerAI apart is its potential as a viral meme token coupled with robust fundamentals. Notably, it will serve as the native currency for an AI-powered chatbot, allowing traders to inquire about promising tokens and optimal trade timings.
Additionally, the platform will feature an atomic swap functionality, enabling investors to swiftly and directly exchange any recommended tokens.
It’s intriguing that it includes an MEV protection mechanism, which aids users in sidestepping losses from front-running bots.
With such a useful feature, it’s hardly shocking that WienerAI’s presale is thriving, setting the stage for a substantial surge upon its listing.
As a token, WienerAI will maintain a capped supply of 69 billion WAI, with 30% of this allocation reserved for the sale.
This design positions it as both deflationary and decentralized, offering holders the additional option to stake their tokens.
