Author: BitpushNews Mary Liu
As developers finally launched the Dencun upgrade on the Holesky test network, Ethereum has made significant progress on its 2024 roadmap. In addition, asset management companies Ark Invest and 21Shares have submitted a revised version of the spot Ethereum ETF filing, which has driven ETH to rise above $2,400, reaching a two-week high.
Speculation on the Impact of the Ethereum Spot ETF on Ethereum Price
The updated S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC) on Wednesday shows that the ETF will have a cash creation and redemption mechanism. Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, pointed out in a post on X that "it looks like they updated to cash creation only and some other stuff to make it consistent with the recently approved spot BTC ETF prospectus."
The revised filing also added content about the possibility of pledging Ethereum through "one or more trusted third-party collateral providers," providing the potential for the ETF to lock in assets and earn rewards.
Within an hour of the announcement, the price of ETH rose nearly 2%, breaking through $2,400 for the first time since January 22, with a larger increase than BTC, which rose 0.4% during the same period.
Industry executives such as BlackRock CEO Larry Fink also believe in the potential of an Ethereum ETF. He stated in an interview with CNBC in January, "As I've said, these are just the foundational pieces of tokenization."
If the progress of the spot Ethereum ETF goes smoothly, it will further boost its price. Following the approval of the first Bitcoin futures ETF in 2021, the Ethereum futures ETF was approved in the United States in 2023. Fast forward to 2024, there are already 11 spot Bitcoin ETFs listed.
Bloomberg analyst Eric Balchunas pointed out that the most noteworthy date is May 23, which is the deadline for VanEck's Ethereum ETF proposal. However, due to the lack of an official stamp on whether Ethereum qualifies as a security, the waiting time may be longer than many people expect.
Ethereum Could Reach $27,000 in This Bull Market Cycle
Ethereum community member and investor Ryan Berckmans predicts that at the peak of the current bull market cycle, the price of Ethereum could reach $27,000.
In a recent interview with Cointelegraph, he stated, "My personal prediction is that within 18 to 30 months, the price of each Ethereum will reach $12,000 to $27,000."
Berckmans pointed out that one of the main catalysts for the appreciation of ETH is the absence of selling pressure from miners, which disappeared after Ethereum transitioned from a proof-of-work mechanism to a proof-of-stake consensus mechanism through the Merge upgrade in September 2022. The current bull market cycle is the first one for Ethereum since the transition to the proof-of-stake system.
Regarding the current market conditions, Berckmans is optimistic, emphasizing that the Ethereum-to-Bitcoin ratio is at a historically low level, indicating significant growth potential. He noted that with the continuous rise of the cryptocurrency cycle, coupled with favorable fundamentals, the price of Ethereum may experience substantial growth in the coming months and years. Berckmans likened the current market situation to the "second inning," indicating that the bull market is just heating up, with significant room for growth.
Ethereum Shows Bullish Signs from $2,255
Cryptocurrency analyst Ryan James stated that after a significant drop two weeks ago, ETH touched the level of support at around $2,160 and ultimately closed above the 0.382 Fibonacci support level at around $2,255. Since last week, Ethereum has been showing bullish signs at this level, potentially shifting its focus back to the resistance level of approximately $2,550 based on the golden ratio.
The RSI on the weekly chart is currently neutral, not providing a clear signal for bullish or bearish trends. If Ethereum falls below the 0.382 Fibonacci support level of $2,255, breaking through the level of support at around $2,140, the next important Fibonacci support level is expected to be around $1,950.
At this level, the 50-week Exponential Moving Average (EMA) may provide additional support, potentially stabilizing the price or laying the foundation for a rebound.
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