Ethereum Price Prediction as Analyst Says ETH ETFs are Coming in 2024 – Time to Buy?
The Ethereum price has surged by 10% in the past 24 hours, rising to $2,656 on the day after the SEC approved its first ever batch of spot-based Bitcoin ETFs.
Yet ETH seems to be doing better than most coins today, with its 24-hour gain surpassing the 6% rise the market as a whole has made in the past day.
It’s now up by 19% in a week and by 98% in a year, with experts now suggesting that the altcoin is the next in line to have spot-based ETFs approved for it in the US.
And given ETH’s already-strong fundamentals, 2024 could end up being a very big year for the coin.
ETH is clearly in the middle of a breakout at the moment, with its price shooting well beyond its 30-day average and likely to break its current resistance level (red).
It will therefore come as little surprise to see that the coin’s relative strength index (purple) has just topped 70, signalling very strong momentum while also leaving room for further gains before we enter overbought territory.
Likewise, the 30-day is now rising more steeply beyond the 200-day average, providing another clear sign that ETH is seeing lots of buying pressure.
If this weren’t already clear enough, the coin’s trading volume – at around $53 billion – also provides a very strong indicator that ETH has likely begun a bull phase.
It actually seems that, after buying up Bitcoin (BTC) over the past few weeks, whales have now turned to Ethereum, with data showing some very aggressive accumulating at the moment.
After the spot #Bitcoin ETF was approved, this whale continued to borrow $WBTC and exchange it for $ETH.
This whale borrowed a total of 621 $WBTC($28.95M) and exchanged it for 11,663 $ETH at a rate of 0.05327.
The whale is long the ETH/BTC trading pair!https://t.co/4uE6Lhgjzx
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