Ethereum has been on a roll lately, printing three consecutive bullish candles for the past three weeks and surpassing the $3,000 mark for the first time since April 2022.
The recent upswing can be attributed to various factors, including the overall market strength following spot Bitcoin ETF approvals last month. Market participants have now turned their focus on Ethereum, with anticipation that the crypto asset could also receive its own ETF approval soon.
Notably, while most experts believe that the approval could come before the second half of 2024, renowned lawyer Scott Johnson predicted that if the US Securities and Exchange Commission (SEC) does not approve the spot Ethereum ETF in May 2024, it will do so by mid-2025.
“SEC simultaneously issued initial comment letters on issuers’ BTC spot ETF reg statements on 9/29/2023. We saw amended S-1s show up about 2 weeks later… so about 90 days ahead of the Jan 10 deadline. We’re now 90 days out from May 23rd deadline for ETH spot ETFs.” Johnson wrote, adding “Confidence relatively high that if not May 2024, then by mid-2025 it should come.”
Meanwhile, amidst this optimism, experts have predicted that Ethereum could rise higher in the coming months. In a Monday tweet, renowned macro investor Raoul Paul stated that the ETH/BTC chart is an absolute stunner and ready for the next big move. The pundit shared a mega wedge pattern on the weekly chart, suggesting that a break out of this pattern could potentially send the price of ETHBTC to $0.2030, a 238% price surge.
A breakout of Ethereum’s current pattern could signal an altcoin boom, with Ethereum outperforming Bitcoin for the rest of the cycle, according to crypto analyst Dan Gambardello.
Gambardello highlighted the bullish trend for Ethereum in a YouTube video Monday, pointing to its monthly chart where the RSI has hit its highest level since November 2020. According to the pundit, this indicates that Ethereum is in a strong bull market, which could lead to a significant price surge.
Notably, this optimism comes as Ether whales continue to accumulate the crypto asset, with popular transaction tracking platform Lookonchain tweeting that two fresh whale wallets withdrew 6,000 ETH valued at roughly $18.7 million from Kraken in the past two days. The firm also highlighted how whales have withdrawn 14,632 ETH valued at about $45.5 million from Binance and staked it.
That said, the increasing accumulation of Ether by whales and the positive predictions by experts suggest that the price of Ether could surge higher in the coming months.
ETH was trading at $3,151 at press time, reflecting a 2.94% surge over the past 24 hours.