After Bitcoin, the SEC also approved spot Etheruem ETFs. With the effect of this approval, the ETH price experienced a great increase last week and approached $ 4000.
While investors expect further rises in ETH price, QCP Capital explained the reason and expectations for the recent rise in ETH.
Analysts stated that ETH increased from 3,810 to 3,940 during the opening of Asian trade due to the statements of US presidential candidate Donald Trump, and said that the market and investors expected a rise in Ethereum.
At this point, analysts pointed out that the SEC still has not approved the S-1 applications and stated that they do not expect a big rise in Ethereum until the SEC approves the S-1 applications.
“ETH rose from $3810 to $3940 at the Asian open, likely due to Donald Trump's pro-crypto comments over the weekend.
This price action of Ethereum reveals market participants' bullish expectations for ETH over BTC due to potential institutional demand, especially as the ETH spot ETF begins trading.
While ETH price is structurally bullish, we do not expect a major breakout in ETH price until we get more clarity on S-1 approvals and some entry data. And it's just a matter of time.”
Ethereum continues to trade at $3,900 at the time of writing.
*This is not investment advice.