Here’s when Ethereum (ETH) could hit $5,000:
Ethereum (ETH) is showing strength amid positive expectations from the Securities and Exchange Commission (SEC) regarding the approval of an Ethereum spot ETF in the U.S. and BlackRock’s (NYSE: BLK) interest in real asset (RWA) tokenization.
As the cryptocurrency market awaits approval of the exchange-traded fund (ETF) and further developments on BlackRock’s efforts, analysts have begun speculating on its price. With speculation heating up even before the awaited ETF approval, it is possible that it could hit $5,000 in the coming days.
In particular, two analysts at private asset management firm Bernstein predicted a 75% rise to $6,600. According to Gautam Chhugani and Mahika Sapra, ETH may mirror Bitcoin (BTC) gains following ETF approval earlier this year. Dipilama We reported this and the opinions of six other experts on Ethereum on May 22nd.
However, Ethereum could take some action before $6,600, which is expected to be a few weeks after its effective approval, as reported. This is because cryptocurrency investors can directly assess the acceptance price based on other positive news.
Ethereum price analysis
In this context, ETH is likely to challenge the previous all-time high of $4,869 first. This could happen when Ethereum tests the psychological resistance of $5,000, just above historical resistance.
In particular, the leading Web3 cryptocurrency shows strong momentum according to the weekly Relative Strength Index (RSI) of 65.18. ETH is trading at $3,692 at press time.
Joe Lubin, co-founder of the Ethereum Foundation and founder of Consensys, is optimistic about the token’s price action.
“A “floodgate” of demand for Ethereum is expected, which will likely lead to a supply crisis and higher prices. “There will be quite a bit of natural, pent-up pressure to buy Ether.”
– Joe Rubin
In the meantime, BlackRock filed an updated spot Ethereum ETF 19b-4 document in accordance with the SEC’s guidance. This update addresses Ethereum staking by funds that BlackRock and other interested parties have stated will not participate.
As the situation develops, traders and investors are looking forward to Ethereum price predictions and a test near $5,000. Nonetheless, cryptocurrencies are volatile and emotion-driven, so things can change quickly. Speculators should exercise caution and avoid exposures that exceed their risk profile.
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