Ethereum Price Prediction: ETH surges 17% in one week as traders flock to this pre-sale as Bernstein says ETH ETF is all but certain to be released in 12 months and time is running out.

adminFebruary 20, 2024

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Ethereum price rose 3.6% in the last 24 hours. Traded for $2,914 As of 5:52 a.m. EST, trading volume was down 34% to $12.8 billion.

The price increase coincides with recent market strength, marking a 17% jump in one week. This comes as stockbroker Bernstein estimates that an Ethereum spot ETF has a 50% chance of receiving regulatory approval by May and an almost certain chance of approval within 12 months.

Bernstein says Ether could become the next ‘institutional darling.’ There is a 50% chance that the SEC will approve an ETF for Ethereum (ETH) by May. Dencun, an Ethereum blockchain upgrade scheduled for March, is expected to significantly reduce transaction costs. broker… pic.twitter.com/QA2f7y1vlS
— QuantumPioneerX (@QuantumPioneerX) February 19, 2024

Companies that have already applied for the Ether ETF include Franklin Templeton, BlackRock, and Fidelity.

Ethereum price trending upward within a rising channel

Ethereum price chart analysis Source: Tradingview.com — ETHUSD chart analysis Source: Tradingview.com

Ethereum price indicates an upward trend, trading within a rising channel while moving beyond the upper boundary of the channel.

ETH price formed a double bottom with $2,169 becoming the main support level. This put the bulls in control, sending prices on an upward trajectory.

ETH is currently trading above its 50-day and 200-day simple moving average (SMA), confirming the current bullish rally. Additionally, the 50-day SMA is trading above the 200-day SMA, forming a golden cross at $2,400, indicating continuation of the bullish momentum.

The Relative Strength Index (RSI) is trading above the 71 to 70 overbought range, showing strong buying momentum.

ETHMACDADX

Additionally, the Moving Average Convergence Divergence (MACD) indicator shows that the MACD line (blue) is trading above the signal line (orange), indicating a bullish crossover. This means there is an opportunity to gain more entry points, possibly pushing the price even higher.

The green bar also appears to be bouncing above the zero line, indicating positive momentum. Additionally, the average directional index (ADX) is 31, showing a strong trend as the indicator moves north. This could signal the start of a stronger bullish trend.

Ethereum price prediction

Current analysis of the Ethereum price shows signs of bullish momentum and the bulls will look to maintain this momentum within the upward channel. They are also aiming to break the nearest resistance of $3,000.

However, in a downside scenario, bears could influence a price retracement towards the $2,721 support zone, which is in line with the 50-day SMA.

Bulls are targeting a continued rise in the price of ETH, and many investors are turning to new meme coin Sponge V2 as analysts expect it to repeat the 100x gains it made at its launch last year.

Sponge V2 purchased, expected to be listed on large exchanges

If you missed last year’s surge, there is still a chance to make big profits with the sequel. Sponge V2It will be launched soon on major exchanges.

In case you missed it $sponge V1, don’t miss it #SpongeV2!
It’s time to invest your stake $sponge! 🚀🧽#memecoin #web3 #altcoin #bull market #stress #transaction pic.twitter.com/oNwatR7ihw
— $SPONGE (@spongeoneth) February 10, 2024

Upon launch, Sponge V1 quickly gained over 13,000 investors and its market capitalization soared to $100 million. The token has also been listed on more than 10 major exchanges, including Toobit, BitMart, and LBank.

Earlier this month, the development team phased out Sponge V1, transitioning holders to Polygon Network’s more secure and cost-effective V2.

📣 Caution, #Sponger!
Here is some important information to remember: $sponge V2!$sponge V1 has been officially discontinued and V2 has been released. #polygon! 🔥
Learn more about token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024

$SPONGE V2 Stake, 191% Annual Reward

You also have the opportunity to earn passively with Sponge V2. Stake your Sponge V2 tokensIt earned an impressive Annual Percentage Yield (APY) of 191%.

Sponge V2 also includes a new set of features aimed at reaching a larger investor base, one of which is Play-to-Earn (P2E) gaming. The team is about to be released. sponge Racer, This game has both free and paid versions. You will have the opportunity to race in the game and accumulate token rewards.

According to cryptocurrency analyst and YouTuber Jacob Bury, Sponge V2 has 100x potential upon launch.

To participate in the presale, visit: Sponge V2 official website Connect your digital wallet to exchange ETH or USDT for V2 tokens. You can also make direct purchases using your bank card.