[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"a1a60227-dec7-40e1-90fc-c3a483317731","updated_at":"2024-05-27T10:30:25.267+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"Ethereum's on fire! Price is soaring after ETF approval, with some analysts predicting a surge to $4,500. DeFi is booming alongside Ethereum, but is this a long-term rally or a short-lived pump?","sapo":"Ethereum price is surging after the approval of spot Ether ETFs, with analysts predicting further gains. However, the future remains uncertain as the crypto market is volatile, and it's unclear if this is a sustained rally or a temporary spike.","title":"Ethereum Heats Up: Post-ETF Approval Rally or False Start?","content":"

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Ethereum (ETH) is on fire, surging 3% in a day and nearing $4,000. This hot streak coincides with the recent approval of spot Ether ETFs, raising hopes for a long-term price boost.

Source: Bitscreener

Analysts are chiming in with bullish predictions. Matthew Hyland sees technical indicators favoring a positive trend, while Arthur Cheong of DeFiance Capital boldly forecasts a $4,500 ETH price even before ETF launch. This optimism echoes the post-approval surge of Bitcoin (BTC), whose price jumped 70% within two months. If history repeats, ETH could revisit its all-time high of $6,000 by July.

The impact is already spreading. Decentralized Finance (DeFi) is booming, with total locked value hitting a two-year high of $117 billion, a staggering 60% residing on Ethereum. Additionally, Ethereum layer-2 networks are nearing their collective peak in locked value.

Is this the start of a major ETH pump fueled by ETF approval? The answer remains unclear. While the current momentum and positive sentiment are encouraging, crypto markets are notoriously volatile. This could be the start of a sustained rally or a temporary surge followed by consolidation.

Only time will tell if this is a turning point for ETH. However, the recent developments have undeniably injected a wave of optimism into the Ethereum community. All eyes are now on the price action in the coming months.

Five significant SEC (U.S. Securities and Exchange Commission) decisions related to Bitcoin:

2013: SEC Suspends Trading of Bitcoin Investment Trust (BIT)

2017: SEC Rejects Winklevoss Bitcoin ETF Proposal

2018: SEC Postpones Decision on Bitcoin ETFs

2019: SEC Rejects Bitwise Bitcoin ETF Proposal

2020: SEC Charges BitClave for Unregistered ICO

Explore more crypto insights with our Bitscreener Exclusive

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Ethereum Heats Up: Post-ETF Approval Rally or False Start?

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